Legal Definitions - present sale

A present sale is a transfer of property or title for a price. It is an agreement between two parties where one party sells a thing to the other party for a price in money paid or promised. The four elements of a present sale are parties competent to contract, mutual assent, a thing capable of being transferred, and a price in money paid or promised.

Examples of present sales include:

• A person buying a car from a dealership and paying the agreed-upon price in cash.
• A company selling its products to a customer and receiving payment through a wire transfer.
• A homeowner selling their house to a buyer and receiving payment through a bank check.

These examples illustrate how a present sale involves the transfer of ownership of a thing for a price. In each case, the parties involved have agreed to the terms of the sale and have exchanged the thing being sold for the agreed-upon price.