Sale means a contract between two persons where:
(1) The seller unconditionally transfers title to the oil to the buyer and does not retain any related rights, such as the right to buy back similar quantities of oil from the buyer elsewhere.
(2) The buyer pays money or other consideration for the oil.
(3) The parties' intent is for a sale of the oil to occur.


30 CFR § 1206.51

Scoping language

For purposes of this subpart:

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