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Legal Terms - conditional sale agreement
a sales agreement wherein the buyer is in possession of the products but ownership does not transfer to him until certain requirements for payment of the price or other items are met. The price may be paid in installments. As security, the vendor keeps possession of the products until he receives payment. If the buyer is an individual and the agreement is not otherwise exempt, a conditional sale agreement is a *consumer-credit agreement; it is governed by the Consumer Credit Act 1974 as revised by the Consumer Credit Act 2006.
a sales agreement wherein the buyer is in possession of the products but ownership does not transfer to him until certain requirements for payment of the price or other items are met. The price may be paid in installments. As security, the vendor keeps possession of the products until he receives payment. If the buyer is an individual and the agreement is not otherwise exempt, a conditional sale agreement is a *consumer-credit agreement; it is governed by the Consumer Credit Act 1974 as revised by the Consumer Credit Act 2006.
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