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Goods specified by both the buyer and seller are referred to as identified goods. This designation means that these goods have been uniquely determined or specified within the context of a contract, making it clear which products are being referred to in a transaction.

The significance of identified goods lies in the fact that they have been explicitly marked or selected for the purpose of the agreement between the parties involved. This specificity can include requirements that the goods meet certain characteristics, quantities, or other distinct attributes that are mutually agreed upon. Consequently, identified goods facilitate clear expectations and responsibilities for both parties, helping to avoid ambiguity during the transaction process.

In contrast, open goods refer to those that are not explicitly defined in a contract, general goods imply a broader category lacking specific identifiers, and unspecified goods leave room for interpretation, making them less suited for detailed transactional contexts. This distinction highlights why identified goods are crucial in commercial dealings.