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LSDefine

Simple English definitions for legal terms

conditional sale

Read a random definition: Chapter 11 bankruptcy

A quick definition of conditional sale:

A conditional sale is when someone buys something but doesn't own it until they meet a certain condition, like paying the full price. They can use the thing they bought, but the seller still owns it until the condition is met.

A more thorough explanation:

A conditional sale is a type of transaction where the buyer is given the right to use certain goods, but the ownership or title of the goods remains with the seller until a specific condition is met. This condition is usually the full payment of the purchase price by the buyer.

One example of a conditional sale is when a person buys a car on installment. The buyer is allowed to use the car, but the ownership of the car remains with the seller until the buyer has fully paid for the car. If the buyer fails to make the payments, the seller can repossess the car.

Another example is when a person buys a house on a mortgage. The buyer is allowed to live in the house, but the ownership of the house remains with the bank until the buyer has fully paid for the house. If the buyer fails to make the mortgage payments, the bank can foreclose on the house.

These examples illustrate how a conditional sale works. The buyer is given possession and use of the goods, but the ownership remains with the seller until the buyer has fulfilled the condition of full payment. This protects the seller's interest in the goods and ensures that the buyer fulfills their obligation to pay for the goods.

conditional resident | conditional SSI payments

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JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
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