What is an Agreement of Sale?

Answer:
An agreement of sale is a contract between a

buyer and a seller that specifies the terms and conditions of the sale. When a buyer and seller execute an agreement of sale, the seller becomes obligated to sell the goods or services to the seller under the conditions outlined in the agreement. The buyer is likewise obligated to buy the goods or services per the terms of the agreement.

Depending on the type of sale or the requirements of the jurisdiction in which the transaction is occurring, an agreement of sale may be identified by terms such as purchase agreement, sales agreement, or contract of purchase.


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