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LSDefine
Simple English definitions for legal terms
de facto contract of sale
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A quick definition of de facto contract of sale:
A de facto contract of sale is an agreement between two or more parties that creates obligations that can be enforced by law. It can be a written document or an agreement made through actions. A contract is like a promise that must be kept, and if it is broken, there are consequences. Sometimes people use the word "contract" to refer to the written document, but it is important to remember that the agreement itself is what matters.
A more thorough explanation:
A de facto contract of sale is an agreement between two or more parties that creates obligations that are enforceable by law. It can be a verbal or written agreement that outlines the terms and conditions of the sale.
For example, if John agrees to sell his car to Jane for $5,000 and Jane agrees to buy it, they have entered into a de facto contract of sale. Even if they did not sign a written agreement, the terms of the sale are legally binding.
Another example is if a store owner puts a price tag on a product and a customer agrees to buy it at that price. This is also a de facto contract of sale, as both parties have agreed to the terms of the sale.
Overall, a de facto contract of sale is a legally binding agreement between two or more parties that outlines the terms and conditions of a sale, whether it is verbal or written.