Wiktionary
n. (context legal English) A contract 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.
Wikipedia
A contract of sale is a legal contract. It is a contract for the exchange of goods, services or property that are the subject of exchange 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. See commercial law.
Contracts for sale involving goods are governed by Article 2 of the Uniform Commercial Code in most United States and Canadian jurisdictions, however in Quebec such contracts are governed by the Civil Code of Quebec as a nominate contract in the book on the law of obligations. In Muslim countries it is governed by Islamic Law ( sharia )
Usage examples of "contract of sale".
In the contract of sale, the absolute dominion is transferred to the purchaser, and he repays the benefit with an adequate sum of gold or silver, the price and universal standard of all earthly possessions.
Derues was to give 130,000 livres (about L20,000) for the estate, the payments to be made by instalments, the first of 12,000 livres to be paid on the actual signing of the contract of sale, which, it was agreed, was to be concluded not later than the first of June, 1776.
At Brignolles the owners of the gristmills are constrained to execute a contract of sale by which they convey their mills to the commune in consideration of 5,000 francs per annum, payable in ten years without interest -- an arrangement which ruins them.