Sale - Law Dictionary Search Results
Home Dictionary Name: sale Page: 2Contract for sale of land
Contract for sale of land. The incidents of a contract for sale of land re regulated partly by statute and partly by the practice of conveyancers. A contract for sale of land must be in writing, (English) L.P. Act, 1925, s. 40. See FRAUDS, STATUTE OF. If the contract is a simple, unconditional, or open contract for sale of land, it is implied that the vendor is to make a good title to the land for an estate in fee simple free from incumbrances, Hughes v. Parker, 8 M & W 344. He is under an obligation to show a good title (in ordinary circumstances for the thirty years preceding the date of contract, see ABSTRACT), and to prove that title by sufficient evidence. the expenses of showing the title, i.e., the abstract, falls on the vendor and so also the expenses of production of material documents in his possession or in that of his trustees an mortgagees. The expenses of production for verification of those which are not in such possession are to be borne by the purchaser, (English) L.P....
Sale or purchase of goods shall be deemed....inter-State trade or commerce
Sale or purchase of goods shall be deemed....inter-State trade or commerce, According to s. 3 of the Act, a sale or purchase of goods shall be deemed to take place in the course of inter-State trade or commerce. A sale of goods can be held to have taken place in the course of inter-State trade, if it can be shown that the sale has occasioned the movement of goods from one State to another. A sale in the course of inter-State trade has three essentials: (i) there must be sale, (ii) the goods must actually be moved from one State to another and (iii) the sale the movement of the goods must be part of the same transaction. The word 'occasions' is used as a verb and means to cause or to be the immediate cause of, Kelvinator of India Ltd. v. State of Haryana, AIR 1973 SC 2526: (1973) 2 SCC 551: (1974) 1 SCR 463....
Particulars of sale
Particulars of sale, description of property offered for sale by auction. The property should be described with as much minuteness and accuracy as possible. It is the duty of a vendor to make himself duly acquainted with the peculiarities and incidents of the property he is going to sell; and when he describes it for the information of the purchaser to describe everything material to be known in order to judge of its nature and value, and on the sale of a partial interest, any substantial variation from the description will even at law render the contract voidable, see Flight v. Booth, (1834) 1 Bing NC 77, per Tindal, C.J. If there be anything connected with the property important to be known which cannot be discerned or may be misapprehended by ocular inspection, it ought to be stated in the particulars: see Dav. Prec. Conv. Vol. i. On the sale of property of any considerable size the particulars are usually accompanied by a plan. In sales by auction the conditions of sale are general...
For sale
For sale, The words 'for sale' following upon the word 'goods' clearly indicate that the goods manu-factured or processed by the registered dealer must be goods for sale or in other words, they must be goods intended for sale and it is immaterial whether they are intended for sale by the registered dealer himself or by anyone else. This sub-clause of S. 8(3)(b) of the Central Sales Tax Act, 1956 would therefore clearly cover a case where a registered dealer manufactures or processes goods for a third party on a job contract and uses in the manufacture or processing of such goods, materials purchased by him against his Certificate of Registration and the declarations in Form C, so long as the manufactured or processed goods are intended for sale by such third party, Assessing Authority-cum-Excise and Taxation Officer v. East India Cotton Mfg. Co. Ltd., AIR 1981 SC 1610: (1981) 3 SCC 531: (1982) 1 SCR 55....
Mortgage by conditional sale and sale with a condition of repurchase
Mortgage by conditional sale and sale with a condition of repurchase, there is a clear legal distinction between the two concepts, a mortgage by condition sale and a sale with a condition of repurchase. The former is a mortgage, the relationship of debtor and creditor subsists and the right to redeem remains with the debtor. The latter is an out and out sale whereby the owner transfers all his rights in the property to the purchaser reserving a personal right of repurchase, Bhoju Mandal v. Debnath Bhagat, AIR 1963 SC 1906 (1907). [Transfer of Property Act, 1882, s. 58 (c)]...
Contract for sale
Contract for sale. A sale implies a consideration in money or money's worth in return for the thing sold and consequently consideration is an integral part of a contract for sale. The legal incidents of a contract for sale of goods have been embodied and codified in the Sale of Goods Act, 1893. See SALE....
wash sale
wash sale [probably from the comparison of such a sale to the act of washing, which does not affect the nature of the thing washed] : a sale and purchase of securities that produces no change of the beneficial owner ;specif : a sale of securities within 30 days before or after the purchase of substantially identical securities NOTE: Any loss from such a sale is not deductible for most taxpayers under the Internal Revenue Code. ...
Auction sale
Auction sale, whenever there is an auction the sale must be deemed to be complete. Whether there is a transfer or not depends on the conditions of the auction and these have to be examined to find out when a transfer of the property auctioned takes place. There may be a sale by auction where the sale is not complete till, for example, a document is executed, Bombay Sale and Chemical Industries v. L.J. Johnson, AIR 1958 SC 289 (292). [Displaced Persons (Compensation and Rehabilitation) Act, 1954 (44 of 1954), s. 20]...
Contract for work or service contract for sale of goods
Contract for work or service contract for sale of goods, the primary difference between a 'contract for work or service' and a 'contract for sale of goods' is that in the former there is in the person performing work or rendering service no property in the thing produced as a whole notwithstanding that a part or even the whole of the materials used by him may have been his property. In the case of a contract for sale, the thing produced as a whole has individual existence as the sole property of the party who produced it, at some time before delivery, and the property therein passes only under the contract relating thereto in goods used in the performance of the contract is not sufficient: to constitute a sale there must be an agreement express or implied relating to the sale of goods and completion of the agreement by passing of title in the very goods contracted to be sold. C.S.T. v. Purshottam Premji, (1970) 2 SCC 287 (290)...
Inter-State sale
Inter-State sale, if the movement of goods from one State to another is the result of a covenant or an incident of the contract of sale, then the sale is an inter-State sale, Union of India v. K.G. Khosla & Co. Ltd., AIR 1979 SC 1160: (1979) 2 SCC 242: (1979) 3 SCR 453.When the contract itself involved the movement of goods from the factory situated in one State to the purchased in another State across the border it is an interstate sale, Cement Marketing Co. v. State of Mysore, AIR 1963 SC 980 (983)....
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