Sale

Sale in United States

Sale Definition

An agreement hy which one of two contracting parties, called the “seller,” gives a thing and passes the title to it, in exchange for a certain price in current money, to the other party, who is called the “buyer” or “purchaser,” who, on his part, agrees to pay such price. Pardessus, Dr. Com. note 6; Noy, Max. c. 42; Shep. Touch. 244; 2 Kent, Comm. 363; Poth. Vente, note 1. A transfer of the absolute or general property in a thing for a price in money. Benj. Sales, S 1. This contract differs from a barter or exchange in this, that in the latter the price or consideration, instead of being paid in money, is paid in goods or merchandise susceptible of a valuation. 3 Salk. 157; 12 N. H. 390; 10 Vt. 457. It differs from “accord and satisfaction,” because in that contract the thing is given for the purpose of quieting a claim, and not for a price. An onerous gift, when the burden it imposes is the payment of a sum of money, is, when accepted, in the nature of a sale. When partition is made between two or more joint owners of a chattel, it would seem the contract is in the nature of a barter. See 11 Pick. (Mass.) 311,
(1) An absolute sale is one made and completed without any condition whatever,
(2) A conditional’ sale is one which depends for its validity upon the fulfillment of some condition. See 4 Wash. C. C. (U. S.) 588; 10 Pick. (Mass.) 522; 18 Johns. (N. Y.) 141; 8 Vt. 154; 2 Rawle (Pa.) 326; Coxe (N. J.) 292; 2 A- K. Marsh. (Ky.) 430.
(3) A forced sale is one made without the consent of the owner of the property, by some officer appointed by law, as by a marshal or a sheriff, in obedience to the mandate of a competent tribunal. This sale has the effect to transfer all the rights the owner had in the property, but it does not, like a voluntary sale of personal property, guaranty a title to the thing sold; it merely transfers the rights of the person as whose property it has been seized. This kind of a sale is sometimes called a “judicial sale.”
(4) A private sale is one made voluntarily, and not by auction.
(5) A public sale is one made at auction to the highest bidder. Auction sales sometimes are voluntary, as, when the owner I chooses to sell his goods in this way, and then as between the seller and the buyer the usual rules relating to sales apply; or they are involuntary or forced, when the same rules do not apply.
(6) A voluntary sale is one made freely without constraint by the owner of the thing sold. This is the common case of sales, and to this class the general rules of the law of sale apply.

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Sale Sale in the Employment and Labor Portal of the American Encyclopedia of Law.
Sale Sale in the Personal Injury and Tort Portal of the American Encyclopedia of Law.
Sale Sale in the Environmental Law Portal of the American Encyclopedia of Law.

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Legal Issue for Attorneys

An agreement hy which one of two contracting parties, called the “seller,” gives a thing and passes the title to it, in exchange for a certain price in current money, to the other party, who is called the “buyer” or “purchaser,” who, on his part, agrees to pay such price. Pardessus, Dr. Com. note 6; Noy, Max. c. 42; Shep. Touch. 244; 2 Kent, Comm. 363; Poth. Vente, note 1. A transfer of the absolute or general property in a thing for a price in money. Benj. Sales, S 1. This contract differs from a barter or exchange in this, that in the latter the price or consideration, instead of being paid in money, is paid in goods or merchandise susceptible of a valuation. 3 Salk. 157; 12 N. H. 390; 10 Vt. 457. It differs from “accord and satisfaction,” because in that contract the thing is given for the purpose of quieting a claim, and not for a price. An onerous gift, when the burden it imposes is the payment of a sum of money, is, when accepted, in the nature of a sale. When partition is made between two or more joint owners of a chattel, it would seem the contract is in the nature of a barter. See 11 Pick. (Mass.) 311,
(1) An absolute sale is one made and completed without any condition whatever,
(2) A conditional’ sale is one which depends for its validity upon the fulfillment of some condition. See 4 Wash. C. C. (U. S.) 588; 10 Pick. (Mass.) 522; 18 Johns. (N. Y.) 141; 8 Vt. 154; 2 Rawle (Pa.) 326; Coxe (N. J.) 292; 2 A- K. Marsh. (Ky.) 430.
(3) A forced sale is one made without the consent of the owner of the property, by some officer appointed by law, as by a marshal or a sheriff, in obedience to the mandate of a competent tribunal. This sale has the effect to transfer all the rights the owner had in the property, but it does not, like a voluntary sale
of personal property, guaranty a title to the thing sold; it merely transfers the rights of the person as whose property it has been seized. This kind of a sale is sometimes called a “judicial sale.”
(4) A private sale is one made voluntarily, and not by auction.
(5) A public sale is one made at auction to the highest bidder. Auction sales sometimes are voluntary, as, when the owner I chooses to sell his goods in this way, and then as between the seller and the buyer the usual rules relating to sales apply; or they are involuntary or forced, when the same rules do not apply.
(6) A voluntary sale is one made freely without constraint by the owner of the thing sold. This is the common case of sales, and to this class the general rules of the law of sale apply.

Notice

This definition of Sale is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Definition of Sale in the Uniform Securities Act (2002)

“Sale” includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value, and “offer to sell” includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. Both terms include: (A) a security given or delivered with, or as a bonus on account of, a purchase of securities or any other thing constituting part of the subject of the purchase and having been offered and sold for value; (B) a gift of assessable stock involving an offer and sale; and (C) a sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer and a sale or offer of a security that gives the holder a present or future right or privilege to convert the security into another security of the same or another issuer, including an offer of the other security.


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