See also arm’s length.
- ABSOLUTE SALE
- a sale whereby the property passes to the buyer – upon completion of the agreement [between the parties]
- AUCTION SALE
- a public sale of goods (or real property) to the highest bidder – by public outcry + competitive bidding
- CONDITIONAL SALE
-
1. a sale in which the vendee receives possession (and right-of-use) of the goods sold, but transfer of title to the vendee depends on some conditional performance (eg, full payment of purchase the price). The conditional sale becomes absolute on fulfillment of the condition 2. A purchase accompanied by an agreement to resell upon particular terms see also SALE ON APPROVAL - EXECUTED SALE
- in contrast to an EXECUTORY SALE, a sale in which nothing remains to be done by either party [in order to effect delivery and complete transfer of title].
- EXECUTION SALE
- see sheriff’s sale
- EXECUTORY SALE
- in contrast to an EXECUTED SALE, an agreement to sell wherein something remains to be done by either party before: (i) delivery and; (ii) transferring title
- FORCED SALE
-
a sale that the seller must make immediately – without opportunity to find a buyer who will pay a reasonable price the item (often land). The phrase is synonymous with judicial sale (see sheriff’s sale), whereby the court forces the sale of property as a result of a prior adjudication.
EXAMPLE:
John owes money to several creditors – as a result of work they performed on his building. He avoids the creditors, and they obtain a judicial order demanding payment. His continued refusal to pay results in a forced sale of the building. The excess of the sale price [over the money owed] is returned to John.
- PUBLIC SALE
- a sale upon notice to the public, and in which members of the public may bid.
- SALE IN GROSS
- sale of land (by the tract; or as a whole) – without warranty of quantity (acres); sometimes referred to as a CONTRACT OF HAZARD.
- SALE BY SAMPLE
- a sale of goods in existence in bulk, but not present for examination, where it is mutually understood that the goods not exhibited will conform to the sample. Such a sale carries with it an implied warranty that the goods purchased conform to the sample.
- SALE ON APPROVAL
- a transaction in which goods delivered (that are primarily for use) may be returned if the buyer is unsatisfied with them, despite [them] conforming to the contract. If the goods are delivered primarily for resale, though (rather than for use), then the arrangement is termed a consignment.
- SALE OR EXCHANGE
- see sale or exchange
- SALE WITH RIGHT OF REDEMPTION
- sale where the seller reserves the right to take back title to property that he has sold – upon repayment of the purchase price.
- SHERIFF’S SALE
- see sheriff’s sale
- TAX SALE
- see tax sale
