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GLOSSARY

Sale of goods definition

What does Sale of goods mean?

A sale is the transfer of ownership by mutual asset of a thing from one person (the seller) to another (the buyer) for a money price.

If the consideration for the transfer consists of goods or non-money items then the transaction is called an exchange or barter, and situations in which there is a part-exchange and part-money transfer then the transaction may be treated as one of sale. The contract may also be a contract of sale even where no fixed value is put on the goods delivered in part exchange. Although the statutes relating to the sale of goods generally do not apply to transactions by way of barter, where the consideration for the thing does not consist in money, or by way of hire, where ownership in the thing is not transferred, contracts of exchange or barter and contracts for the hire of goods are covered by the terms implied by the Supply of Goods and Services Act 1982.


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