Law Dictionary Definitions

sales finance company.See FINANCE COMPANY. [Blacks Law 8th]

sales-assessment-ratio study.A method for calculating the assessment level for taxable property in a jurisdiction, by comparing the assessed value and the actual sales price of a statistically reliable sample of the property in the jurisdiction, to determine the percentage by which the assessed values are above or below the sales prices. [Cases: Taxation 348(3).] [Blacks…

sales agreement.A contract in which ownership of property is presently transferred, or will be transferred in the future, from a seller to a buyer for a fixed sum. UCC § 2-106(1). [Cases: Sales 1(1), 3.1. C.J.S. Sales §§ 2–4, 9, 29, 48.] [Blacks Law 8th]

sale positive.See SALE. [Blacks Law 8th]

sale per aversionem.See SALE. [Blacks Law 8th]

sale or return.See SALE. [Blacks Law 8th]

sale or exchange. 1.Tax. A voluntary transfer of property for value (as distinguished from a gift) resulting in a gain or loss recognized for federal tax purposes. 2. A transfer of property; esp., a situation in which proceeds of a sale are to be vested in another estate of the same character and use. —…

sale on credit.See SALE. [Blacks Law 8th]

sale on approval.See SALE. [Blacks Law 8th]

sale of land.A transfer of title to real estate from one person to another by a contract of sale. • A transfer of real estate is often referred to as a conveyance rather than a sale. [Cases: Vendor and Purchaser 1, 3.C.J.S. Vendor and Purchaser §§ 2–3, 5.] [Blacks Law 8th]