- sale
- A contract between two parties, called, respectively, the "seller" (or vendor) and the "buyer" (or purchaser), by which the former, in consideration of the payment or promise of payment of a certain price in money, transfers to the latter the title and the possession of property. Transfer of property as providing of services for consideration. A transfer of property for a fixed price hi money or its equivalent. Grinnell Corp. v. U.S., 390 F.2d 932, 945, 947, 182 Ct.Cl. 702.Passing of title from seller to buyer for a price. U.C.C. No. 2-106(1).A revenue transaction where goods or services are delivered to a customer in return for cash or a contractual obligation to pay. Term comprehends transfer of property from one party to another for valuable recompense. Herskovitz v. Vespico, 238 Pa.Super. 529, 362 A.2d 394, 396.The general law governing the sale of goods is the Uniform Commercial Code (Art. 2). A contract whereby property is transferred from one person to another for a consideration of value, implying the passing of the general and absolute title, as distinguished from a special interest falling short of complete ownership. To constitute a "sale," there must be parties standing to each other in the relation of buyer and seller, their minds must assent to the same proposition, and a consideration must pass. Commissioner of Internal Revenue v. Freihofer, C.C.A.3, 102 F.2d 787, 789, 790.The term "sale" includes any contract to sell or otherwise dispose of. Securities Exchange Act, No. 3."Sale", "sell", "offer to sell", or "offer for sale" includes every contract of sale or disposition of, attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security, for value. Any security given or delivered with, or as a bonus on account of, any purchase of securities or any other thing, shall be conclusively presumed to constitute a part of the subject of such purchase and to have been sold for value. Investment Company Act, No. 2.Sale, as applied to relation between landowner and real estate broker working to secure purchaser of land, means procuring purchaser able, ready and willing to buy on terms fixed by seller.See also approval sales- auction- bulk sale- buy and sell agreement- scalper- sheriff's sale- tax sale- wash sale.Other Terms DistinguishedThe contract of "sale" is distinguished from "barter" (which applies only to goods) and "exchange" (which is used of both land and goods), in that both the latter terms denote a commutation of property for property; i.e., the price or consideration is always paid in money if the transaction is a sale, but, if it is a barter or exchange, it is paid in specific property susceptible of valuation."Sale" differs from "gift" in that the latter transaction involves no return or recompense for the thing transferred. But an onerous gift sometimes approaches the nature of a sale, at least where the charge it imposes is a payment of money."Sale" is also to be distinguished from "bailment;" and the difference is to be found in the fact that the contract of bailment always contemplates the return to the bailor of the specific article delivered, either in its original form or in a modified or altered form, or the return of an article which, though not identical, is of the same class, and is equivalent. But sale never involves the return of the article itself, but only a consideration in money.This contract differs also from "accord and satisfaction;" because in the latter the object of transferring the property is to compromise and settle a claim, while the object of a sale is the price given.The cardinal difference between the relation of seller and buyer and that of principal and factor is that in a "sale" title passes to the buyer, while in a "consignment" by principal to factor title remains in principal, and only possession passes to factor.Also, a "sale" is distinguished from a mortgage, in that the former is a transfer of the absolute property in the goods for a price, whereas a mortgage is at most a conditional sale of property as security for the payment of a debt or performance of some other obligation, subject to the condition that on performance title shall revest in the mortgagor. An abandonment must be made without any desire that any other person shall acquire the thing abandoned, since if it is made for a consideration it is a "sale" or "barter," and if made without consideration, but with an intention that some other person shall become the possessor, it is a "gift." Del Giorgio v. Powers, 27 Cal.App.2d 668, 81 P.2d 1006, 1014.General Classification- bill of sale- bulk sale- foreclosure sale- memorandum sale- net sale- retail installment sale- approval sales- sheriff's sale- tax-sale
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
