Contract of sale

Contract of sale

A contract of sale is a legal contract an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. It is a specific type of legal contract.

An obvious ancient practice of exchange in many common-law jurisdictions it is now governed by statutory law that is designed to make transactions among merchants and consumers straightforward and easy to understand. See commercial law.

Contracts for sale involving goods are governed by Article 2 of the Uniform Commercial Code in most United States and Canadian jurisdictions, however in Quebec such contracts are governed by the Civil Code of Quebec as a nominate contract in the book on the law of obligations.

See also

Denmark

United Kingdom



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Look at other dictionaries:

  • contract of sale — See contract to sell; executed contract of sale; executory contract of sale; land contract …   Ballentine's law dictionary

  • contract of sale — A contract by which one of the contracting parties, called the seller, enters into an obligation to the other to cause him to have freely, by a title of proprietor, a thing, for the price of a certain sum of money, which the other contracting… …   Black's law dictionary

  • contract of sale — A contract by which one of the contracting parties, called the seller, enters into an obligation to the other to cause him to have freely, by a title of proprietor, a thing, for the price of a certain sum of money, which the other contracting… …   Black's law dictionary

  • contract of sale — noun A contract that involves an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same …   Wiktionary

  • contract for sale of land — A contract which calls for conveyance of interest in real estate and requires a writing signed by party sought to be charged as being within Statute of Frauds. See also contract for deed contract of sale …   Black's law dictionary

  • contract for sale of land — A contract which calls for conveyance of interest in real estate and requires a writing signed by party sought to be charged as being within Statute of Frauds. See also contract for deed contract of sale …   Black's law dictionary

  • contract for sale of goods — Includes both a contract for present sale of goods and a contract to sell goods at a future time. U.C.C. No. 2 106(1) …   Black's law dictionary

  • contract for sale of goods — Includes both a contract for present sale of goods and a contract to sell goods at a future time. U.C.C. No. 2 106(1) …   Black's law dictionary

  • contract of sale or return — See sale or return …   Ballentine's law dictionary

  • executed contract of sale — A present conveyance, that is a contract sufficient in itself to convey title to real estate. 55 Am J1st V & P § 100. A land contract which has been performed by both vendor and purchaser, the purchase price having been paid and the deed executed …   Ballentine's law dictionary

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