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A. 595; Churchill v. Demeritt

Categories: Contracts

Definition (1910 Edition)

71 N. H 110, 51 Atl. 254; Van Allen v. Francis, 153 Cal. 474, 566 Pac. 389. Conditional sales are distinguishable from mortgages. They are to be taken strictly as independent dealings between strangers. A mortgage is a security for a debt, while a conditional sale is a purchase for a price paid, or to. be paid, to become absolute on a particular event; or a purchase accompanied by an agreement to resell upon particular terms. urner v. Kerr, 44 Mo. 429; Crane v. Bonnell, 2 N. J. nN O64: Weathersly v. Weathersly» "0 Mias. 462, 90 Am. Dec. 344; Hopper v. mayeee 90 Md. 363, 45 Atl. 206.—Bill of sale. See BILL.—Executed and executory sales. An executed sale is one which is final and complete in all its particulars and details, nothing remaining to be done by either party to effect an absolute transfer of the subject-matter of the sale. An executory sale is an incompleted sale; one which has been definitely agreed on as to terms and conditions, but which has not yet been carried into full effect in respect to some of its terms or details, as where it remains to determine the price, quantity, or identity of the thing sold, or to pay instal ments of purchasemoney, or to effect a delivery. See McFadden v. Henderson, 128 Ala. 221, 29 South. 640;
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain. UK commentary and modern updates are original additions. This entry is for educational reference only and does not constitute legal advice.