Corporate & Other Laws
What is difference between Specified goods and Ascertained Goods ? Explain with example.
Specified [Sec 2(14)] - Goods individually identified and approved at the time of the contract. Ex: Selling a 20 yr antique piece in your house Ascertained - This is a type not defined by the law but by the judicial interpretation. This term is used for specific goods which have been selected from a larger set of goods. Ex : Selling all chairs from your house, out of that only two chairs are specifically ascertained for a contract