Text 1 A Sale

A sale is a contract in which ownership of (also known as title to) goods transfers immediately from the seller to the buyer for a price. Goods are tangible, movable, personal property, such as a jet pane, clothing, growing crops, or the unborn young of animals. By definition goods do not include the following:

1 money (except rare currency or rare coins);

2 intangible property (such as rights under a contract, which are transferred by assignment rather than by sale);

3 patents and copyrights;

4 real estate (although the transfer of title to real property is commonly called a sale, it is technically a conveyance).

A contract to sell is a contract in which ownership of goods is to transfer in a sale in the future. In both types of transactions, the seller is known as the vendor. The buyer is known as the vendee (also called the purchaser). The transaction involving a vendor and a vendee is called a “sale” by the seller and is called a “purchase” by a buyer. A sales contract may be made in any manner sufficient to show agreement, and the contract suffices if the parties by their actions recognize the existence of a contract.

The price for the goods may take the form of money, services, or other goods. However, when the parties to a sale exchange only goods for goods, without involving money or services, the sale is known as a barter.

Payment occurs when the buyer delivers the agreed price and the seller accepts. Receipt of goods means that the buyer takes physical possession or control of them. Receipt usually involves actual delivery. However, delivery may be constructive, as when one gets the keys to a car or receives a warehouse receipt for stored goods.

Acceptance of goods means that the buyer has agreed, by words or conduct, that the goods received are satisfactory. Acceptance is shown when the goods are used, resold, or otherwise treated as if they were owned by the buyer. Acceptance may also be indicated when a buyer fails to reject the goods within a reasonable time, if the buyer has had adequate opportunity to inspect them.

The price for goods is usually fixed in the contract. However, the parties may indicate that the price is to be set in a certain way at a later date. This method is especially used in long-term contracts when considerable instability of prices is expected. Ordinarily, when nothing is said about the price, a contract results if all other essentials are present, and provided the parties do not express a contrary intent. In such a case, the buyer is required to pay the price that is reasonable at the time of delivery.

In many situations, the contract is primarily for personal services. Such contracts are not sales because any goods supplied are merely incidental.

A merchant is a seller who deals regularly in a particular kind of goods or otherwise claims to have special knowledge or skill in a certain type of sales transaction. A casual seller is one who sells only occasionally and does not meet the definition of merchant. For example, you would be a casual seller if you sold your private automobile. A used-car dealer selling the same car would be a merchant.

Vocabulary

intangible property нематериальное имущество, «неосязаемое» имущество, имущество в правах

movable property движимое имущество

real estate недвижимое имущество, недвижимость

conveyance передача правового титула

acceptance of goods приемлемость товара для покупателя

to deal торговать

warehouse receipt квитанция на товар, принятый на хранение

vendor продавец

vendee покупатель

merchant 1) коммерсант 2) оптовик

casual seller случайный продавец