ABSOLUTE SALE Meaning and
Definition
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Absolute sale refers to a legal agreement and transfer of ownership where a seller unequivocally transfers all rights, responsibilities, and liabilities associated with a particular object or property to the buyer. This type of sale entails a complete and unconditional transfer of ownership without any conditions, restrictions, or limitations. It is often contrasted with other types of sales, such as conditional sales or sales subject to approval or certain terms.
An absolute sale typically occurs when the buyer pays the agreed-upon purchase price, and the seller formally transfers the property's title or rights to the buyer. Following the transaction, the seller no longer holds any interest or claim over the object or property, and the buyer assumes full control and ownership.
This type of sale is commonly used for real estate, automobiles, and various tangible goods. It provides certainty and assurance to the buyer, as they acquire complete ownership without the risk of other parties later asserting claims or conditions over the transferred property. From a legal perspective, an absolute sale provides clear evidence of the buyer's rights and enables them to make decisions regarding the object or property without interference from the seller. Additionally, an absolute sale may provide greater protection to the buyer in the event of any legal disputes or claims arising after the transfer of ownership.
Etymology of ABSOLUTE SALE
The word "absolute" comes from the Latin word "absolutus", which means "complete" or "free from restriction". The term "absolute sale" is formed by combining the word "absolute" with the noun "sale". In English, "sale" originated from the Old English word "sellan", which means "to give, hand over, or deliver". The term "absolute sale" refers to a sale that is unconditional and final, without any limitations or reservations.
