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Simple English definitions for legal terms
future goods
Read a random definition: McClanahan presumption
A quick definition of future goods:
Future goods are things that don't exist yet, like something that needs to be made or grown. They are not already there to be bought or sold. When someone agrees to buy future goods, it means they are making a promise to buy them when they are ready. For example, if a farmer agrees to sell their crops to a grocery store before they are grown, that is a sale of future goods.
A more thorough explanation:
Definition: Future goods are items that do not yet exist, such as goods that have yet to be manufactured or produced. They are not currently identified or available for sale.
Example: A company orders a new line of clothing to be produced and delivered in six months. These clothes are considered future goods until they are manufactured and identified for sale.
This example illustrates how future goods are items that are not yet available for sale or identified. They are goods that will come into existence in the future.