What are existing goods in legal terms?

Existing goods, in legal terminology, refer specifically to goods that are currently owned by the seller at the time the contract is formed or at the time of a transaction. This definition emphasizes that these goods are tangible items that are physically in the seller’s possession or control and are available for sale or use.

Understanding this concept is important as it distinguishes existing goods from other categories, such as future goods (which are not yet in existence) or goods that are under contract but may not currently be in the seller's inventory. This knowledge is particularly relevant in contracts for the sale of goods, where the ownership and availability of items directly impact the rights and obligations of both the seller and the buyer.

The other options refer to different scenarios that do not align with the legal definition of existing goods, such as goods that are produced but not sold, or goods that have been delivered, and thus do not capture the essence of the term as it is used in contractual contexts.