Legal Definition and Related Resources of Conditional Sale
Meaning of Conditional Sale
A sale of goods when a person enters into an agreement whereby although the purchaser takes possession of the goods sold, vesting of title in the goods unto the purchaser is deferred until the vendor receives full payment of the purchase money . The purchaser is entitled to the possession of the goods until default . In addition, he also acquires certain equitable interest in the goods. The contract may be expressed in terms suggesting a sale of goods or as a hire purchase agreement whereby the vendor is allowing the purchaser the use of the goods on hire with the stipulation that upon the purchaser paying a certain sum of money to the vendor, the purchaser becomes the owner of the goods. subject to the provisions contained in the contract or the applicable statutes relating to notice to be given to the vendor, the interest of the vendee in a conditional sales contract is assignable .
Related Entries of Conditional Sale in the Encyclopedia of Law Project
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Conditional Sale in Historical Law
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Legal Abbreviations and Acronyms
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An installment sale. The buyer usually gives the seller a promissory note… (Read more)