Page:United States Statutes at Large Volume 47 Part 1.djvu/1229

 72d C ONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . 1205 the seller after the making of the contract to sell, in this chapter called "fut ure g oods ." 2. '1'here may be a contract to sell goods, the acquisition of which by the seller depends upon a contingency which may or may not happen. 3 . Where the parties purport to effect a present sale of future goods, the agreement operates as a contract to sell the goods. SEC. 602. UNDIVIDED SHARES .-1. There may be a contract to sel l or Undivided snares. a sale of an undivided share of goods. If the parties intend to effect a present sale, the buyer, by force of the agreement, becomes an owner in common with the owner or owners of the remaining shares. 2 . In the case of fungible goods, there may be a sale of an undivided Fungibles. share of a specific mass, though the seller purports to sell and the buyer to buy a definite number, weight or measure of the goods in the mass, and though the number, weight or measure of the goods in the mass, is undetermined. By such a sale the buyer becomes owner in common of such a share of the mass as the number, weight, or measure bought bears to the number, weight, or measure of the mass. If the mass contains less than the number, weight, or measure bought, the buyer becomes the owner of the whole mass and the seller is boun d to mak e good t he defic iency fr om simil ar goods unless a con- trary intent appears. Sire. 603. DESTRUCTION of Goons sow .-1. Where the parties pur- soiDestruction of goods port to sell specific goods, and the goods without the knowledge of the seller have wholly perished at the time when the agreement is made, the agreement is void. 2. Where the parties purport to sell specific goods, and the goods without the knowledge of the seller have perished in part or have wholly or in a material part so deteriorated in quality as to be sub-. stanti ally cha nged in characte r, the b uyer may at his option t reat the sale- s) As avoided, or b) As transferring the property in all of the existing goods or in so much thereof as have not deteriorated, and as binding the buyer to pay the full agreed price if the sale was indivisible, or to pay the agreed price for the goods in which the property passes if the sale was divisible. Destruction ot, con- SEC. 604. DESTRUCTION OF GOODS CONTRACTED TO BE SOLD .-1. Where tracted to be sold. there is a contract to sell specific goods,, and subsequently, but before the ri sk passe s to the buyer, without any faul t on the part of the seller or the buyer, the goods wholly perish, the contract is thereby avoi ded. 2. Where there is a contract to sell specific goods, and subsequently, but before the risk passes to the buyer, without any fault of the seller or the buyer, part of the goods perish or the whole or a material part o f the go ods so d eteriora te in qu ality as to be s ubstanti ally changed in character, the buyer may at his option treat the contract- s) As avoided, or b) As binding the seller to transfer the property in all of the existing goods, or in so much thereof as have not deteriorated, and as binding the buyer to pay the full agreed price if the contract was indivisible, or to pay the agreed price for so much of the goods as the seller, by the buyer's option, is bound to transfer if the contract was divisible. Ascertainment of SEC. 60. DEFINITION AND ASCERTAINMENT OF PRICE .-1. The price p r may be fixed by the contract, or may be left to be fixed in such manner as may be agreed, or it may be determined by the course of deal ing betw een the parties.