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 party, called the "buyer," on his part obliges himself to pay. Agreement under which seller agrees to convey title to property upon payment by buyer under terms of contract.

Black's law dictionary. . 1990.

Look at other dictionaries:

  • Contract of sale — Contract law Part …   Wikipedia

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

  • de facto contract of sale — A contract of sale which purports to pass the property from the owner to another person. Farmers & Merchants Nat. Bank v Logan, 74 NY 568, 575 …   Ballentine's law dictionary

  • implied contract of sale — A contract for the sale of goods implied from the facts and circumstances of the case creating an obligation on the part of the buyer to pay for goods received from another. Ordinarily when one person receives goods or merchandise from another,… …   Ballentine's law dictionary

  • executory contract of sale — A contract, the terms and conditions of which must be performed before title passes. 46 Am J1st Sales § 412. A land contract under which the execution and delivery of a further instrument is necessary for the passing of title to the purchaser. 55 …   Ballentine's law dictionary

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