SALE. An agreement whereby the seller transfers the property in goods to the buyer for a consideration called the price.
"A contract by which property is transfer red from the seller to the buyer for a fixed price in money paid or agreed to be paid by the buyer." De Bary v. Dunne, 172 Fed. 940.
There Is a fundamental distinction be tween a contract to sell in the future and a present sale—often expressed by "executory" and "executed" sales. It depends upon whether the property in the goods is trans ferred. If transferred, there is a sale though the price be not paid ; if not trans ferred, it is a contract of sale, even though the price be paid ; Williston, Sales, § 2. Con ditional sales constitute an intermediate class—the assent to the transfer, though not the transfer, being given at the time the bargain is made. Such partake more of the nature of sales than of contracts of sale, the title being transferred by force of the origi nal bargain ; id. § 6.
An executed sale is both a contract and a conveyance, The Uniform Sales Act, governing the sales of personal property, has been passed in Arizona, Connecticut, Maryland, Massa chusetts, Michigan, New Jersey, New York, Ohio, Rhode Island, Wisconsin and Alaska. It followed substantially the English Act of 1893, but with important changes.
This contract differs from a barter or ex change in this that in the latter the price or consideration, instead of being paid in money, is paid in goods or merchandise sus ceptible of a valuation. Mitchell v. Gile. 12 'N. H. 390; Stevenson v. State, 65 Ind. 409; Loomis v. Wainwright, 21 Vt. 520. See PRICE. It differs from accord and satisfac tion, because in that contract the thing is given for the purpose of quieting a claim, and not for a price; and from bailment, because there the agreement is for the return of the subject-matter, in its original or an altered form, while in sale it is for the return of an equivalent in money; L. R, 3 P. C. 101; Frost v. Cattle Co., 81 Tex. 505, 17 S. W. 52, 26 Am. St. Rep. 831; and see Hunt v. Wyman, 100 Mass. 198; Sturm v. Boker, 150 U. S. 312, 14 Sup. Ct. 99, 37 L. Ed. 1093.
An absolute sale is one made and com pleted without any condition whatever.
A conditional sale is one which depends for its validity upon the fulfillment of some condition. The term is usually confined to
sales in which the seller retains the title until the payment of the price.
A forced sale is one made without the con sent of the owner of the property, by some officer appointed by law, as by a marshal or a sheriff, in obedience to the mandate of a competent tribunal. This sale has the effect to transfer all the rights the owner had in the property, but it does not, like a voluntEtry sale of personal property, guar antee a title to the thing sold ; it merely transfers the rights of the person as whose property it 'has been seized. This kind of a sale is sometimes called a judicial sale.
A private sale is one negotiated and con cluded privately between buyer and seller, and not made by advertisement and public outcry or auction. Barcello v. Hapgood, 118 N. C. 712, 24 S. E. 124.
A public sale is one made at auction to the highest bidder. Auction sales sometimes are voluntary, as when the owner chooses to sell his goods in this way, and then as between the seller and the buyer the usual rules re lating to sales apply ; or they are involun tary or forced when the same rules do not apply.
A voluntary sale is one made freely with out constraint by the owner of the thing sold; this is the common case of sales, and to this class the general rules of the law of sale apply.
A sale in gross is one without regard to quantity. Yost v. Mallicote's Adm'r., 77 Va. 616.
An offer to sell imposes no obligations un til accepted according to its terms; and an offer rejected cannot be afterward accepted'; Minneapolis & St. L. R. Co. v. Rolling Mill, 119 U. S. 149, 7 Sup. Ct. 168, 30 L. Ed. 376. See Parties. As a general rule, all persons sal juris may be • either buyers or sellers ; Story, Sales § 9. See PARTIES. But no one can sell goods and a valid title to them unless he be owner or lawfully represent the owner; nemo dat quod non habet; Sales § 6; 2 Ad. & E. 495; Klein v. Seibold, 89 Ill. 540 ; Bearce v. Bowker, 115 Mass. 129, And even an inno cent purchaser from one not the owner, or his proper representative, acquires no valid title; 13 M. & W. 603; Benj. Sales § 6; Pease v. Smith, 61 N. Y. 477.