Duhaime's Law Dictionary Sale Definition: The exchange of goods or services for consideration. Related Terms: Money, Venditio, Vendor, Transfer At ¶286 of CCH Canadian, Justice Rothstein of the Federal Court of Appeal (Canada) adopted these words: "The existence of a sale is not predicated on the earning of a profit.... "In general terms, the key elements of a sale are the transfer of property on the one hand and the payment of some form of consideration on the other. "[S]ale is defined as the transfer of property or title for a price (or) the agreement by which such a transfer takes place. "The four elements are parties competent to contract, mutual assent, a thing capable of being transferred, and a price in money paid or promised." However, Justice Rothein's proposed definition appears to be in error in one regard: the transfer of money is not an essential component of all sales.1 In Magner, Justice Shahood of the District Court of Appeal of Florida adopts these words: "A sale is a transfer of goods for consideration, and the seller is generally the party that receives the consideration and effects the transfer." Note the words of Justice Bryson in Corus Staal: "An agreement to sell is a binding commitment that has not yet been consummated by the exchange of goods for consideration, i.e., the sale itself. [A] sale requires both a transfer of ownership to an unrelated party and consideration." REFERENCES: CCH Canadian v. Law Society of Upper Canada, 2002 FCA 187 Corus Staal BV v. US, 502 F. 3d 1370 (2007) Duhaime, Lloyd, Contract Law Magner International v Brett, 960 So. 2d 841 (2007) Provincial Treasurer Manitoba v William Wrigley Jr. Co., 1945 CTC 229 (note 1) Categories & Topics: Duhaime's Contract Law Dictionary Property Law Dictionary Always looking up definitions? Save time with our search provider (modern browsers only) If you find an error or omission in Duhaime's Law Dictionary, or if you have suggestion for a legal term, we'd love to hear from you!