Sale Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Sale, written in plain English, along with examples of how it is used.
What is Sale?
(n) Sale is transferring the title on a property, goods or merchandise for a consideration expressed in monitory terms settled either by payment in cash or by exchange or goods of same worth. For example sale of a used car by paying the consideration partly by cash and partly by a bill of exchange.
History and Meaning of Sale
The term "sale" refers to the transfer of ownership of property, goods, or services from one party to another for a monetary value or equivalent exchange of goods. Sales have been a fundamental aspect of human commerce for centuries, with evidence of bartering and trading dating back to ancient civilizations such as Mesopotamia.
The concept of sale has evolved over time as societies and economies have developed. In modern times, sales have become a complex legal aspect of business transactions, with specific laws and regulations governing the sale of certain types of goods and services.
Examples of Sale
- John sold his old laptop to Jane for $500.
- The local farmers market is having a sale on fresh produce this weekend.
- The company's quarterly sales report showed a significant increase in revenue compared to the previous year.
- The real estate agent facilitated the sale of the property to the highest bidder.
- The clothing store will have a clearance sale to get rid of last season's merchandise.
Legal Terms Similar to Sale
- Purchase - The act of acquiring property or goods in exchange for a monetary value or equivalent exchange.
- Transfer of ownership - The legal process of changing the ownership of property or goods from one party to another.
- Contract - A legally binding agreement outlining the terms and conditions of a transaction, such as a sale or purchase.