n. Contact, connection or mutual interest between the parties. The term is particularly important in contract law, which requires “privacy” when one party to the contract can enforce the contract through legal action against the other party. Thus, a tenant of a real estate buyer cannot sue the former owner (seller) of the property for failure to carry out the repairs guaranteed by the contract of purchase of the land between the seller and the buyer, since the tenant was not “in privacy” with the seller. The obligations of the seller are, 1. To deal with fairness. 2. to deliver the item sold at the agreed time and place and to maintain it until delivery; But if everything the seller has to do with the goods is complete, the ownership and risk of accident of the goods lies with the buyer, even before delivery or payment. 3. Guarantee the title of personal property if he sells it as his own, if it is in his possession. SELLERS, contracts. The one who has something at his disposal for money; a supplier. 2.
This term is normally used in the sale of movable property and that of the seller in the sale of immovable property. 3. The seller`s obligations are: 1. To deal with fairness. 2. to deliver the item sold at the agreed time and place and to maintain it until delivery; But if everything the seller has to do with the goods is complete, the ownership and risk of accident of the goods lies with the buyer, even before delivery or payment. Noy`s Max. Chap. 14X 7 East, 571; 2 Bl. Komm. 448. 3.
Guarantee the title of personal property if he sells it as his own, if it is in his possession. 2 Kent, Com. 374; 1 Lord Raym. 593; 1 salk. 210. 4. The rights of the seller are, 1. The agreed price must be paid. 2. Compensation for all costs incurred by him in obtaining the item sold for the buyer after ownership of it has been transferred to the buyer.
3. Stop the thing in transitu if the buyer has failed and the price has not been paid. See standstill, in transitu. See the buyers and authorities listed therein; Bouv. Index inst., h.t. The rights of the seller are, 1. The agreed price must be paid. 2. Compensation for all costs incurred by him in obtaining the item sold for the buyer after ownership of the latter has been transferred to the buyer. 3. Stop the thing in Transsitu if the buyer has failed and the price has not been paid. Supported by Black`s Law Dictionary, Free 2nd ed., and The Law Dictionary.
n. someone who sells goods or other goods to a buyer (buyer). (See: sell, sell) n. Reference in a written contract identifying one of the persons entering into the contract. The agreement would read as follows: `Mary McConnell (hereinafter referred to as part of Part One)`. It is preferable to identify the parties by an abbreviated form of their name (“McConnell”) or as buyers, sellers, owners, trustees or other useful identifications. The use of the name helps to follow and understand the contract and avoids confusion with “the part of the second party” that identifies another party to the agreement. The one who has something at his disposal for money; a supplier. This term is more often used in the sale of movable property, that of the seller in the sale of real estate. The one who sells something; the party transferring ownership in the contract of sale. The correlative is “buyer” or “buyer”. Although these terms are not inapplicable to persons involved in a transfer of real estate, it is more common to use “veudor” and “vendée” in this case.
A person or entity that sells a thing or property in exchange for other goods (often money). acceptance, bill of lading, broker, c.i.f., trade, comparable, conglomerate, serious, fair market value, forced sale, innocent buyer, invoice, market price, on approval, sale, puff, mutual trade, claim, , sample, secured portion, , short sale, commercial acceptance, trust receipt.