A written agreement between a seller and a purchaser where the purchaser commits to buying particular real estate and the seller commits to selling it under agreed-upon terms; also commonly known as a contract of sale.
A CIF contract of sale includes the cost of the goods, insurance, and freight to the destination in the contract price. The seller’s obligation is fulfilled once the merchandise is delivered to the shipper, and relevant documents including the bill of lading, invoice, insurance policy, and payment receipt for freight are forwarded to the buyer.
A Purchase Contract, also known as a Contract of Sale or Purchase Agreement, is a legal document that outlines the terms and conditions under which a buyer agrees to purchase, and a seller agrees to sell, a particular property, item, or service.
A clause included in a contract of sale in which the seller retains the title of goods sold until they have been paid for. Crucial for accountants, it affects stock ownership and requires assessing the commercial substance of transactions.
