What term is used to describe goods that are not both identified and existing at the time of the contract?

The correct term to describe goods that are not both identified and existing at the time of the contract is "future goods." This categorization applies to items that are not yet in existence or not yet identified when the contract is made. Future goods refer to products that will be manufactured or acquired after the contract has been established.

In contrast, present goods are those that are currently available and specifically identified in the contract. Estimated goods and conditional goods do not accurately capture this definition, as they refer to different concepts related to uncertainties in quantity or conditions that must be met for the goods to be delivered. Therefore, recognizing future goods helps in understanding how contractual agreements function concerning obligations concerning items that have yet to be created or delivered.