Goods Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Goods, written in plain English, along with examples of how it is used.

What is Goods?

History and Meaning of Goods

The term "Goods" has been used in the legal context for centuries, dating back to the days of common law. It refers to any kind of tangible property, such as products, inventory, furniture or equipment, that can be sold, leased or otherwise used in the course of business. Goods can be both new or used and their value can vary depending on the market, condition or rarity.

In modern legal terms, goods are an integral part of commercial transactions, as they represent the physical objects or assets that are exchanged for currency or other forms of consideration. The sale of goods is governed by a set of laws known as commercial law, which includes regulations on contracts, warranties, and other aspects of buying and selling goods.

Examples of Goods

1. When a retailer buys a shipment of clothing from a manufacturer and then sells it to customers, those clothing items are considered goods.
2. A trucking company purchases new tires to replace the worn-out ones on their fleet of vehicles. These tires are also considered goods.
3. A restaurant purchases fresh produce and meat to be used in dishes for their menu. These items are also considered goods.

Legal Terms Similar to Goods

1. Chattels - movable personal property that is not real estate, such as furniture or appliances.
2. Merchandise - goods that are bought and sold in the ordinary course of business.
3. Assets - a valuable thing that is owned by an individual or company, including both tangible and intangible items.