contract of sale

A contract of sale is a legal act that involves an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. It is a specific type of legal contract. An obvious ancient practice of exchange in many common law jurisdictions it is now governed by statutory law that is designed to make transactions among merchants and consumers straightforward and easy to understand. See commercial law. Governed by the Uniform Commercial Code in most American and Canadian jurisdictions, however in Quebec it is governed by the Civil Code of Quebec as a nominate contract in the book on the law of obligations. See also: Bill of sale

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