Contract of sale
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Contract law |
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Formation |
Defences |
Interpretation |
Dispute resolution |
Rights of third parties |
Breach of contract |
Remedies |
Quasi-contractual obligations |
Duties of parties |
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Related areas of law |
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A contract of sale, sales contract, sales order, or contract for sale[1] is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).
An obvious ancient practice of exchange, in many common law jurisdictions, it is now governed by statutory law. See commercial law.
Contracts of sale involving goods are governed by Article 2 of the Uniform Commercial Code in most jurisdictions in the United States and Canada. [citation needed] 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 some Muslim countries it is governed by sharia (Islamic law); however, many Muslim countries apply other law to contacts (e.g. the Egyptian Civil Code, based on the Napoleonic Code, which beyond its application in Egypt serves as the model for the civil codes of several other Arab states).
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. [2]
See also
Denmark
United Kingdom
- Sale of Goods Act 1893
- Sale of Goods Act 1979
- Consumer Rights Act 2015
- Bill of sale
- Part exchange
- Tendering
References
- ^ Google Ngram Viewer
- ^ Sale of Goods under Dutch law - a definition What is a contract of sale?, Retrieved on 28 July 2018.