Sale

Sale in Europe

Definition of Sale

A transfer of a right of property in consideration of a sum of money. “A contract for the sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price” (Sale of Goods Act, 1893, s. 1, sub-s. 1.) Every sale includes an agreement, the payment of the price and the delivery of the property. The property in the goods sold is transferred at the time when the parties intend it to pass, which is usually when the agreement is concluded. In the case of an agreement for the sale of unascertained goods, e.g., ten sheep to be selected from a flock, the property does not pass until the goods are ascertained and appropriated to the contract. ” Where the transfer of the property in the goods is to take place at a future time, or subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell ” (ibid., s. 1, sub-s. 3). “A contract for the sale of any goods of the value of ten pounds or upwards shall not be enforceable by action unless the buyer shall accept part of the goods so sold and actually receive the same, or give something in earnest to bind the contract, or in 1 part payment, or unless some note or memorandum in writing of the contract be made and signed by the party to be charged or his agent in that behalf ” (ibid., s. 4, sub-s. 1). See Page v. Morgan; Abbott v. Wolsey; Elmore v. Stone

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Notice

Definition of Sale is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.

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