goods

(redirected from Good (economics and accounting))
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia, Wikipedia.

Goods

Items; chattels; things; any Personal Property.

Goods is a term of flexible context and meaning and extends to all tangible items.

goods

n. items held for sale in the regular course of business, as in a retail store.

goods

noun appurtenances, articles of commerce, assets, belongings, chattels, commodities, consumer durables, durables, effects, items, materials, paraphernalia, personal estate, possessions, produce, products, property, resources, staples, stock, stock-in-trade, supplies, things for sale, vendibles
Associated concepts: bulk sale, chattels, foreign goods, goods and chattels, goods sold and delivered, personalty, sale of goods, special goods, tangible goods
See also: assets, cargo, commodities, effects, estate, freight, merchandise, movable, paraphernalia, possession, possessions, property, stock in trade

goods

1 for the purposes of the Sales of Goods Act 1979, ‘goods’ include ‘emblements, industrial growing crops and things attached or forming part of the land that are agreed to be severed before sale or under the contract of sale’. For the purposes of the law of Scotland, ‘goods’ are defined by the Act as all corporeal moveables. Specifically excluded, however, is money- unless it is bought as a curiosity, as in the case of gold Jubilee pieces.
2 in the law of the EUROPEAN UNION the word has a special definition in relation to the operation of the customs union and in particular in the provisions relating to the free movement of goods. It covers industrial and agricultural products regardless of whether they come from member states or are imported from other states, and it is this inclusion of imports that makes a customs union different and more substantial than a free trade area. The important focus is upon products that can be valued in money that can be the subject ofa commercial transaction.

GOODS, property. For some purposes this term includes money, valuable securities, and other mere personal effects. The term. goods and chattels, includes not only personal property in possession, but also choses in action. 12 Co. 1; 1 Atk. 182. The term chattels is more comprehensive than that of goods, and will include all animate as well as inanimate property, and also a chattel real, as a lease for years of house or land. Co. Litt. 118; 1 Russ. Rep. 376. The word goods simply and without qualification, will pass the whole personal estate when used in a will, including even stocks in the funds. But in general it will be limited by the context of the will. Vide 2 Supp. to Ves. jr. 289; 1 Chit. Pr. 89, 90; 1. Ves. jr. 63; Hamm. on Parties, 182; 3 Ves. 212; 1 Yeates, 101; 2 Dall. 142; Ayl. Pand. 296; Wesk. Ins. 260; 1 Rop. on Leg. 189; 1 Bro. C. C. 128; Sugd. Vend. 493, 497; and the articles Biens; Chattels; Furniture.
     2. Goods are said to be of different kinds, as adventitious, such as are given or arise otherwise than by succession; dotal goods, or those which accrue from a dowry, or marriage portion; vacant goods, those which are abandoned or left at large.