Definition

Property
That to which a person has a legal title, whether in his possession or not; thing owned; an estate, whether in lands, goods, or money; as, a man of large property, or small property. Property is divided into real property, and personal property. Property is also divided, when it consists of goods and chattels, into absolute and qualified.

Possession
A person has possession of something if the person knows of its presence and has physical control of it, or has the power and intention to control it.

Unascertained Goods
The property passes to the buyer only after the goods are ascertained.
Example : when A buys the latest Honda car to be consigned from Japan from B, only when B has set aside the car for A, the property passes to A.

Ascertained/Specific Goods
The property in goods passes to the buyer at such time as the parties to the contract intend to be transferred.

Prima Facie
Prima facie, from Latin prīmā faciē) is a Latin expression meaning on its first appearance, or at first sight. The literal translation would be "at first face", prima first, facie face. It is used in modern legal English to signify that on first examination, a matter appears to be self-evident from the facts.In common law jurisdictions, prima facie denotes evidence which – unless rebutted – would be sufficient to prove a particular proposition or fact.

Nemo dat quod non habet
Nemo dat quod non habet, literally meaning "no one [can] give what he does not have" is a legal rule, sometimes called the nemo dat rule, that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. This rule usually stays valid even if the purchaser does not know that the seller has no right to claim ownership of the object of the transaction.

Bona fide
In law, it is the mental and moral state of honesty, conviction of the truth or falsehood of a proposition or body of opinion, or as to the rectitude or depravity of a line of conduct. This concept is important in law, especially equitable matters.