What term refers to goods owned by the seller that exist at the time of the contract?

The term that refers to goods owned by the seller that exist at the time of the contract is "existing goods." This is because existing goods are tangible items that are currently in possession of the seller and are available for sale under the terms of the contract. They are already manufactured, produced, or acquired by the seller and can be delivered to the buyer as specified when the contract is formed.

Identified goods, while also a valid term, refers specifically to goods that have been designated as the subject of the contract, which may not fully encompass the entirety of the existing inventory a seller has at the time of the agreement. Future goods pertain to items that have not yet been produced or are not yet existent at the time of the contract, which does not apply here. Non-existing goods is a term that typically would not apply in this context, as it would indicate items that are not present or available for sale at the time of the contract.