What are goods called that are in existence and owned by the seller at the time of the contract?

Goods that are already in existence and owned by the seller at the time of the contract are referred to as existing goods. This classification indicates that the items are physically available and can be delivered immediately following the terms of the agreement. Existing goods can be any tangible products that are currently in possession of the seller, such as stock on a shelf or products in a warehouse.

In contrast, future goods are items that do not yet exist or are not owned by the seller at the contract's formation, which can include products that are to be manufactured or acquired at a later date. Intangible goods pertain to non-physical assets such as stocks, patents, or copyrights, which also do not involve items physically owned by the seller. Lastly, consignment goods refer to a situation where goods are transferred for sale but remain owned by the consignor until sold; thus, they do not fit the definition of goods owned by the seller at the time of the contract. Therefore, the term that accurately describes goods owned by the seller at the moment the contract is established is existing goods.