Contract of sale

A contract of sale is a legal contract. It is a contract for the exchange of goods, services or property that are the subject of exchange 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. See commercial law.

Contracts for sale involving goods are governed by Article 2 of the Uniform Commercial Code in most jurisdictions in the United States and Canada. 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. In Muslim countries it is governed by sharia (Islamic law).

A contract of sale lays out the terms of a transaction of goods or services, identifying the goods sold, listing delivery instructions, inspection period, any warranties and details of payment. [1]

See also

Denmark

United Kingdom

References

  1. ↑ Sale of Goods under Dutch law - a definition What is a contract of sale?, Retrieved on 28 July 2018.


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