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Bill of Sale – Definition

Bill Of Sale Definition

A bill of sale is a legal document that a seller makes and hands over to the buyer. This document contains details of goods that have been purchased and transferred from the seller to the buyer. A bill of sale is often used in the purchase of automobiles and other products. A bill of sale is a legal proof that the ownership of a property or asset has been transferred from one party to another, usually from the seller to the buyer.

This bill contains the date the purchase or transfer of ownership was done, the amount the seller received in exchange for the item and the buyer who now has the ownership of the property.

A Little More on What is a Bill Of Sale

A bill of sale can be used in diverse types of transactions such as sale of assets, property, automobiles and other personal belongings. A bill of sale is a legal document that serves as evidence that a specific item has been sold to buyer in exchange for money. Sellers are required to complete a bill of sale which must be received by the buyers at the time of purchase and sale.

The bill of sale shows that the seller voluntarily transferred a specific item to another party who is the buyer. Before the bill of sale was backed up by a legal authority in the United States, individuals used it for fraudulent and deceitful transactions.

There are two major forms of a bill of sale, they are;

  • An absolute bill of sale: this is a mere contract for the sale and purchase of goods, it is a document that shows that gods have been transferred from one party to another. An absolute bill of sale is backed by the common law of contract and the sale of goods law.
  • A conditional bill of Sale: this bill of sale is used as a form of security for the payment of money in a transaction. This means that failure to make full payment for an item can lead to seizure or forfeiture of the item.

Reference for “Bill Of Sale”

https://en.wikipedia.org/wiki/Bill_of_sale

https://legal-dictionary.thefreedictionary.com/bill+of+sale

https://economictimes.indiatimes.com › Definitions › Finance

www.businessdictionary.com/definition/bill-of-sale.html

https://www.investopedia.com › Investing › Financial Analysis

Academics research on “Bill Of Sale”

The Syriac bill of sale from Dura-Europos, Goldstein, J. A. (1966). The Syriac bill of sale from Dura-Europos. Journal of Near Eastern Studies25(1), 1-16.

Bill of Sale for a Set of Ushabtis, Edwards, I. E. S. (1971). Bill of Sale for a Set of Ushabtis. The Journal of Egyptian Archaeology57(1), 120-124.

The Effect of the Trust Receipts Act, Bogert, G. G. (1935). The Effect of the Trust Receipts Act. U. Chi. L. Rev.3, 26.

Risk of Loss after an Executory Contract of Sale in the Common Law, Williston, S. (1895). Risk of Loss after an Executory Contract of Sale in the Common Law. Harv. L. Rev.9, 106.

Hire-Purchase Agreements as Bills of Sale (1), Diamond, A. L. (1960). Hire-Purchase Agreements as Bills of Sale (1). Mod. L. Rev.23, 399.

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