a contract between two parties, called, respectively, the "seller" (or vendor) and the "buyer," (or purchaser) by which the former, in consideration of the payment or promise of payment of a certain price in money, transfers to the latter the title and the possession of property.

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Black’s Law Dictionary 3rd Edition, pages 1576-1577:

SALE. a contract between two parties, called, respectively, the “seller” (or vendor) and the “buyer,” (or purchaser) by which the former, in consideration of the payment or promise of payment of a certain price in money, transfers to the latter the title and the possession of property. See Pard. Droit Commer.   6; 2 Kent, Comm. 363; Poth. Cont. Sale,  1, and see Butler v. Thomson, 92 U. S. 414, 23 LK. Ed. 684; Ward v. State, 45 Ark. 353; Williamson v. Berry, 8 How. 544, 12 L. Ed. 1170; White v. Treat (C. C.) 100 F. 291; Iowa v. McFarland, 110 U. S. 471, 4 S. Ct. 210, 28 L. Ed. 198; Goodwin v. Kerr, 80 Mo, 281; State v. Wentworth, 35 N. H. 443; Com. v. Packard, 5 Gray (mass.) 103; Clemens v. Davis, 7 Pa. 264; Tompkins v. Hunter, 149 N. Y. 117, 43 N. E. 532; In re Grand Union Co. (C. C. A.) 219 F. 353, 356; Snyder v. Stanley, 77 Ind. App. 253, 133 N. E. 512, 514; BUrke v. Boulder Milling & Elevator Co., 77 Colo. 230, 235 P. 574, 575.

A contract whereby property is transferred from one person to another for a consideration of value, implying the passing of the general and absolute title, as distinguished from a special interest falling short of complete ownership, Arnold v. North American Chemical Co., 232 Mass. 196, 122 N. E. 283, 284; Faulkner v. town of South Boston, 141 Va. 517, 127 S. E. 380, 381.

The contract of sale is an agreement by which one gives a thing for a price in current money, and the other gives the price in order to have the thing itself. Three circumstances concur to the perfection of the contract, to-wit, the thing sold, the price, and the consent. Civ. Code La. art. 2439.

A transmutation of property from one man to another in consideration of some price or recompense in value. 2 Bl. Comm. 446.

The transfer of property for a fixed price in money or its equivilant. U. S. v. Benedict (C. C. A.) 280 F. 76, 80.

Sale” consists of two separate and distinct elements; First, contract of sale which is completed when offer is made and accepted and, second, delivery of proper which may precede, be accompanied by, or follow, payment of price as many have been agreed on between parties. Inland refining Co. v. Langworthy, 112 Okl. 280, 240 P. 627, 629.

Sale,” as applied to relation between landowner and real estate broker working to secure purchaser of land, means procuring purchaser able, ready and willing to buy on terms fixed by seller. Resky v. Meyer, 98 N. J. Law, 168, 119 A. 97, 98; Walker v. Russell, 240 Mass. 386, 134 N. E. 388, 390; T. W. Sandford & Co. v. Waring, 201 Ky. 169, 256 S. W. 9, 10; Humphries v. Smith, 5 Ga. App. 340 (1), 63 S. E. 248.



Black’s Law Dictionary 8th Edition, page 4165:


sale,n.1. The transfer of property or title for a price. See UCC § 2-106(1). [Cases: Sales 1; Vendor and Purchaser 1. C.J.S. Sales § 2; Vendor and Purchaser§§ 2, 5.] 2. The agreement by which such a transfer takes place. • The four elements are (1) parties competent to contract, (2) mutual assent, (3) a thing capable of being transferred, and (4) a price in money paid or promised.

absolute sale.A sale in which possession and title to the property pass to the buyer immediately upon the completion of the bargain. Cf. conditional sale. [Cases: Sales 454; Vendor and Purchaser 79. C.J.S. Vendor and Purchaser §§ 125, 141.]

approval sale.See sale on approval.

auction sale.See AUCTION.

average gross sales.The amount of total sales divided by the number of sales transactions in a specific period.

bona fide sale.A sale made by a seller in good faith, for valuable consideration, and without notice of a defect in title or any other reason not to hold the sale. [Cases: Vendor and Purchaser 220. C.J.S. Vendor and Purchaser §§ 482–485, 517.]

bootstrap sale. 1. A sale in which the purchase price is financed by earnings and profits of the thing sold; esp., a leveraged buyout. See BUYOUT. 2. A seller’s tax-saving conversion of a business’s ordinary income into a capital gain from the sale of corporate stock.

bulk sale.See BULK SALE.

cash-against-documents sale.See documentary sale.

cash sale. 1. A sale in which cash payment is concurrent with the receipt of the property sold. [Cases: Sales 82(1). C.J.S. Sales § 208.] 2. A securities transaction on the stock-exchange floor requiring cash payment and same-day delivery.

compulsory sale.The forced sale of real property in accordance with either an eminent-domain order or an order for a judicial sale arising from nonpayment of taxes. [Cases: Taxation 672. C.J.S. Taxation § 1179.]

conditional sale. 1. A sale in which the buyer gains immediate possession but the seller retains title until the buyer performs a condition, esp. payment of the full purchase price. See retail installment contract under CONTRACT. [Cases: Sales 450. C.J.S. Sales § 2.] 2. A sale accompanied by an agreement to resell upon specified terms. Cf. absolute sale.

consignment sale.A sale of an owner’s property (such as clothing or furniture) by a third party entrusted to make the sale. UCC § 9-102(a)(20). See CONSIGNMENT. [Cases: Factors 5, 20; Sales 8. C.J.S. Bailments § 11; Sales§ 3.]

consumer-credit sale.A sale in which the seller extends credit to the consumer. • A consumer-credit sale includes a lease in which the lessee’s rental payments equal or exceed the retail value of the item rented. [Cases: Consumer Credit 3. C.J.S. Interest and Usury; Consumer Credit§§ 280–293, 306.]

credit sale.A sale of goods to a buyer who is allowed to pay for the goods at a later time. [Cases: Sales 82(1). C.J.S. Sales § 208.]

distress sale. 1. A form of liquidation in which the seller receives less for the goods than what would be received under normal sales conditions; esp., a going-out-of-business