Contract of sale
A contract of sale, sales contract, sales order, or contract for sale is a legal contract for the purchase of assets by a buyer from a seller for an agreed upon value in money.
An obvious ancient practice of exchange, in many common law jurisdictions, it is now governed by statutory law. See commercial law.
Contracts of sale involving goods are governed by Article 2 of the Uniform Commercial Code in most jurisdictions in the United States and Canada. 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 some Muslim countries it is governed by sharia ; however, many Muslim countries apply other law to contacts.
A contract of sale lays out the terms of a transaction of goods or services, identifying the goods sold, listing delivery instructions, inspection period, any warranties and details of payment.
