Plain language law

New Zealand law explained for everyone

Contract and Commercial Law Act 2017

Sale of goods - Formation of contract - Subject matter of contract

126: Existing or future goods

You could also call this:

“Buying things that exist now or will exist later”

You can buy goods that already exist or goods that will be made or acquired in the future. When you make a contract to buy goods, those goods can be ones that the seller already owns or has in their possession. They can also be goods that the seller will make or get after you agree to buy them. These are called ‘future goods’.

Sometimes, the seller might not be sure if they can get the goods. Even if this is the case, you can still make a contract to buy them.

If you agree to buy goods that don’t exist yet, and the seller says they’re selling them to you right now, it actually works as an agreement to sell them to you in the future.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6844313.

Topics:
Business > Fair trading Money and consumer rights > Consumer protection
Previous

125: How contract of sale is made, or

"Different ways to make a contract to sell something"

Next

127: Contract void if goods have perished at time when contract is made, or

"The deal is off if the stuff you're buying is already gone when you agree to buy it"

Part 3 Sale of goods
Formation of contract: Subject matter of contract

126Existing or future goods

  1. The goods that form the subject of a contract of sale may be—

  2. existing goods that are owned or possessed by the seller; or
    1. goods that are to be manufactured or acquired by the seller after the contract of sale is made (future goods).

      1. There may be a contract of sale where the acquisition of the goods by the seller depends on a contingency that may or may not happen.

      2. A contract of sale operates as an agreement to sell if, by the contract, the seller purports to effect a present sale of future goods.

      Compare