Conditional sale
Definition
A sale in which the purchaser receives possession of and the right to use certain goods, but title remains with the seller until the performance of a condition is met by the buyer. Usually, this condition is the buyer's full payment of the purchase price. An installment contract is typically a conditional sale.
See also
Definition from Nolo’s Plain-English Law Dictionary
A sale of property or goods which will be completed only if certain conditions are met by one or both parties to the transaction. Example: Hotrod agrees to buy Tappit's 1939 LaSalle for $1,000 cash if Tappit can get the car running by September 1st.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm
