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Simple English definitions for legal terms
present sale
Read a random definition: treaty reinsurance
A quick definition of present sale:
A present sale is when someone sells something to another person for a price. It's like when you buy a toy from a store and pay for it. There are four things that need to happen for a sale to be complete: both people can make a deal, they both agree to it, the thing being sold can be transferred, and the buyer pays the seller. There are different types of sales, like a sale where the buyer can return the thing they bought, or a sale where the seller keeps ownership until the buyer pays the full price.A more thorough explanation:
A present sale is a transfer of property or title for a price. It is an agreement between two parties where one party sells a thing to the other party for a price in money paid or promised. The four elements of a present sale are parties competent to contract, mutual assent, a thing capable of being transferred, and a price in money paid or promised.
Examples of present sales include:
- A person buying a car from a dealership and paying the agreed-upon price in cash.
- A company selling its products to a customer and receiving payment through a wire transfer.
- A homeowner selling their house to a buyer and receiving payment through a bank check.
These examples illustrate how a present sale involves the transfer of ownership of a thing for a price. In each case, the parties involved have agreed to the terms of the sale and have exchanged the thing being sold for the agreed-upon price.