contract of sale
anyone who plans to be involved in any form of transaction should be aware of sales contracts and what they entail. anyone who plans to be involved in any form of transaction should be aware of sales contracts and what they entail. a contract of sale is an agreement between a seller and a buyer. the seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay. this contract changes somewhat in situations where the seller cannot yet deliver the item that is sold. the contract is then subject to resolutory condition, meaning if the buyer fails to make the payment, the seller takes the item back. an invoice is an example of a sales contract. when selling other types of personal property, the total sale has to be at least $5,000 before a contract is required to be put in writing. if not, an oral contract can be enforced as a binding agreement.