Conditional Sale (Noun)
Meaning 1
A security interest taken by the seller in return for credit.
Classification
Nouns denoting possession and transfer of possession.
Examples
- A conditional sale is a type of security agreement where the buyer takes possession of the goods but the seller retains title until the full payment is made.
- The terms of the loan specified that the buyer would have a conditional sale agreement, allowing the lender to repossess the property if payments were not made.
- The seller often requires a conditional sale to mitigate the risk of the buyer defaulting on payments.
- Under the conditional sale agreement, the seller retains ownership of the equipment until the buyer has fulfilled all payment obligations.
- If the buyer fails to make the required payments, the seller can repossess the property under the terms of the conditional sale.
Meaning 2
A sale in which the buyer receives title to the property only upon the performance of some condition (usually the full payment of the purchase price).
Classification
Nouns denoting communicative processes and contents.