21:10
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LSDefine
Simple English definitions for legal terms
consign
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A quick definition of consign:
Consign means to give something to someone else to sell for you. The person who gives the item is called the consignor and the person who sells it is called the consignee. The consignor still owns the item until it is sold. The consignee takes care of the item and sells it for the consignor. The consignor usually pays for the item to be shipped to the consignee. Consign can also mean to have something delivered to someone else.
A more thorough explanation:
Definition: To consign means to deliver goods to someone else for sale or storage. The person who delivers the goods is called the consignor, and the person who receives them is called the consignee.
Example 1: A clothing store owner consigns some of their inventory to a boutique shop. The clothing store owner is the consignor, and the boutique shop is the consignee. The boutique shop takes care of the clothes and sells them. Once the clothes are sold, the boutique shop pays the clothing store owner a portion of the sale proceeds.
Example 2: A farmer consigns their crops to a distributor. The farmer is the consignor, and the distributor is the consignee. The distributor takes care of the crops and sells them to grocery stores. Once the crops are sold, the distributor pays the farmer a portion of the sale proceeds.
Example 3: A person consigns their furniture to a storage facility. The person is the consignor, and the storage facility is the consignee. The storage facility takes care of the furniture and stores it until the person wants it back.
These examples illustrate how consigning works. The consignor delivers goods to the consignee, who takes care of them and sells them or stores them. The consignor retains ownership of the goods until they are sold or returned. Once the goods are sold, the consignee pays the consignor a portion of the sale proceeds.