Contract of Sale
/ˈkɒntrækt əv seɪl/
Definitions
- (n.) A legally enforceable agreement wherein one party agrees to transfer ownership of goods or property to another party for a price.
The contract of sale between the buyer and seller was signed yesterday.
- (n.) An agreement specifying the terms and conditions of a sale transaction including price, delivery, and warranties.
The contract of sale outlines the obligations of both buyer and seller.
Forms
- contracts of sale
Related terms
See also
Commentary
Typically drafted to specify detailed rights, duties, and conditions to avoid disputes in transfer of ownership transactions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.