3.1SUBJECT MATTER (MAL):3
3.2CLASSIFICATION OF MAL:4
3.3CONDITIONS OF VALIDITY OF SALE:4
3.5KINDS OF SALE TRANSACTIONS:10
3.5.1BAY AL MUQAYADAH:11
3.5.2BAY AL MUTLAQ:11
3.5.3BAY AL SARF:12
4.1.INTRODUCTION TO ISLAMIC BANKING25
4.2ROLE OF ISLAMIC BANK IN DEVELOPMENT OF ECONOMY27
4.3ISLAMIC FINANCING & SALES CONTRACTS28
4.4UNIVERSAL ASPECT AND MODERN NOVELTIES OF ISLAMIC FINANCE29
The Contract of Sale
Human being is a unit of society and they are social by nature. In their needs they are dependent on each other, the reason is that their wants are multiple and cannot be fulfilled by themselves individually. Allah SWT has blessed individuals with different kind of abilities hence cooperation (ta’awun) is required among individuals so that they can help out each other and can live their lives conveniently. If an individual is interested in war and politics, while the other is interested in agriculture and manufacturing then how is the one interested in war and politics will be able to fulfill his needs? Hence a system of sale and purchase came into existence. Allah SWT has guided us about every aspect of life in the Holy Quran, so is about the sales and trade. The guidance is extremely necessary for the reason that validity or invalidity of an act is Islam is subjected to an act of being lawful or unlawful according to injunctions of Islam as available in Quran and Sunnah. In the Holy Quran, Allah SWT says:
“And do not eat up your property among yourselves for vanities, nor use it as a bait for the judges, with intent that ye may eat up wrongfully and knowingly a little of people’s property.” [2:188] At another place in Holy Quran, it is said:
“So eat of the sustenance which Allah has provided for lawful and good; and be grateful for the favors of Allah, if it is He whom ye serve.” [16:144] 2. CONTRACT:
The Arabic word for contract is “Aqad”. The literal meaning of “aqad” is “join” or “tie”. The Shairah term for aqad as given by author of al-‘Inayah is “Legal relationship created by conjunctions of two declarations, from which flow of legal consequences with regard to the subject matter.” A contract must consist of:
* Aqidani: The two parties to the contract.
* Sighah: The “ijab” and “qabul” i.e. offer and acceptance. * Ma’aqudalaih: The subject matter and price.
The validity of any contract depends upon:
* Legality and illegality of subject matter
* Existence and precise determination of subject matter
* Deliverability of subject matter
* Absence of excessive uncertainty
* Precise determination of price
2.1 VALID CONTRACT:
A contract that satisfies both its “asl” (fundamentals) and “wasf” (the ancillary components), where the ancillary components are those in addition to the “rukn” (the offer and acceptance) and object. 2.2 VOID CONTRACT:
A contract that does not satisfies the rukn and conditions on the object or that is illegal in its rukn and wasf. 2.3 VOIDABLE CONTRACT:
A contract that is legal in its fundamentals but illegal in its ancillary components.
3. SALES CONTRACT:
Sale (Bai) has two meaning in Arabic, one is “Al shura’a” i.e. “to buy” and the other is “to sell”. Sale is defined as the exchange of a thing of value by another thing of value with mutual consent. Bai or contract of sales is also described as “the exchange of property” or the “exchange of goods and properties”. Sale is the transfer of a defined object, having certain value, in exchange for an equivalent. The Qur’an approves the sale to the extent that no element of Riba is involved: “Allah permitted trade and...
...SALE OF GOODS
Ref: Sale of Goods Act, 1930.
A contract to transfer the ownership (title) of the goods from one person (seller) to another (buyer) for a price as consideration is called Sale.
ESSENTIALS OF A SALE
1. Two Parties
2. Transfer of title.
AGREEMENT TO SELL
Where under a contract of sale the transfer of ownership in the goods is to take place at some future time subject to some condition thereafter to be fulfilled the transaction is said to be an agreement to sell.
DISTINCTIN BETWEEN SALE AND AGREEMENT TO SELL
SALE AGREEMENT TO SELL
|Ownership or title of property passes |Title in the goods passes at some certain future time or on |
|to the buyer immediately as the contract is executed. |fulfillment of some condition attached to the contract. |
|2. Risk of loss passes with the title even if the goods are in |Risk of loss rests with the seller even though the goods are in |
|the possession of the seller unless otherwise agreed. |the possession of the buyer. |
|3. A sale is an executed contract because the ownership passes to|An agreement to sell is an executory...
...Sample International Contract for Sale of Goods, pursuant to the United Nations Convention on Contracts for the International Sale of Goods
with its principal office West Road Drive27, Hopson Chart, Briston, AN4 4FL, UK
represented by Matt Wattson, on the basis of Power of Attorney from 23 June 2008
(hereinafter referred to as the „Seller“ on the first side)
AGFH, a. s.
ID: 783 33 998
having its principal office at: Palachova 152, Prague 2, Zip Code: 120 00
registered in the Commercial Register, Section B, Entry No. 4127 maintained by the Municipal Court, Prague
acting by: Ing. Karel Nekola, Chairman of the Board of Directors
(hereinafter referred to as the „Buyer“ on the second side)
(Seller and Buyer referred to also as the “Contracting Parties” or separately each the “Contracting Party”)
have entered on the day, month and year as bellow, pursuant to the United Nations Convention on Contracts for the International Sale of Goods (hereinafter referred to as “Convention”), into the following
CONTRACT FOR SALE OF GOODS
Subject-matter of the Contract
The Subject-matter of this Contract is particularly the obligation of the Seller to deliver goods specified in the Exhibit No. 1 hereto to the Buyer and to transfer the property in goods to the Buyer under the terms and conditions herein and the...
...International Purchase Agreement
Salescontract that held by a part the company DISTRIBUTOR OF GLASS AND CRYSTALS, S. A de C. V represented in this act by LIZETH NAVARRO GUTIERREZ and on the other hand the company WHILSHILD CAR CO. Represented by WILLIAMS SANDER THOMSON who henceforth they are referred as "seller" and "The Buyer" respectively, in accordance with the following statements and clauses.
D E C L A R A C T I O N S
Declared "The Seller"
Which is a public limited company legally constituted in accordance with the laws of the Mexican Republic on 10 October 2014 as consists in writing public PUBLIC number NUMERP TP01 before the faith of the notary public, number 19, bachelor Arnulfo MENDOZA SALAZAR of the city of Monterrey, Nuevo Leon, Mexico.
As part of its social object are among other activities, those of manufacturing, marketing, import and export of LAMINATED GLASS AND TEMPERED that account with the ability, knowledge, experience and the appropriate personnel to perform the activities referred to the statement above
LIZETH NAVARRO that Gutierrez is their legitimate representative and as a result, is duly authorized to enter into this instrument and compel its represented in the terms of the same.
That has its domicile in Av. Cuahutémoc #544 Esq. Ruiz Martinez same that points for all legal purposes that take place.
Declared "The Buyer"
which is a company incorporated in accordance with the laws in Mexico and that...
...WHEN DOES AN AGREEMENT BECOME A CONTRACT?
(1) There must be some consideration for it
According to Section-2(d) of the Indian Contract Act, 1872 “When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise.”
According to Section-25 “Agreement without consideration, void, unless it is in writing and registered or is a promise to compensate for something done or is a promise to pay a debt barred by limitation law.—An agreement made without consideration is void, unless—" 1. it is expressed in writing and registered under the law for the time being in force for the registration of documents, and is made on account of natural love and affection between parties standing in a near relation to each other; or unless 2. it is a promise to compensate, wholly or in part, a person who has already voluntarily done something for the promisor, or something which the promisor was legally compellable to do; or unless...
Re: Teri Firefighter
Teri is a firefighter who lives and works in Boston, Ma. She is selling her home and found a buyer named Jack. Teri received an offer from Jack for $300,000. Teri accepts the offer and they sign a contract to that effect.
After the contract is signed, Teri learns of a Boston rule that all firefighters must live within the Boston city limits. Teri decides not to move and contacts Jack to let him know she won’t be moving after all.
Jack sues Teri in municipal court, asking for specific performance in accordance with the original deal. Teri argues that, although specific performance is usually appropriate in land salescontract cases, the judge has the discretion to deny specific performance.
Whether Jack is due specific performance?
In Raynor v. Russell, 353 Mass. 366 (Mass. 1967), a police officer had entered into a contract to sell his home. The police officer was planning to move to property in a town more than ten miles from the city, but because a certain statute was accepted by the city in effect requiring its police officers to live within ten miles of it, was not an adequate ground for denying specific performance of the contract sought by the purchaser in a suit in equity.
Also stated in Raynor, The court held that ”the prospective purchasers were entitled in lieu of the relief...
...SALE OF GOODS ACT, 1962 (ACT 137)
ARRANGEMENT OF SECTIONS
PART I - NATURE AND FORMATION OF THE CONTRACT
1. Contract of sale.
2. Capacity to buy and sell.
3. Contract of sale, how made.
4. Auction sales.
5. Specific and unascertained goods
6. The price.
7. Agreement to sell at valuation.
PART II - DUTIES OF THE SELLER
8. Fundamental obligation of the seller.
9. Implied condition that specific goods are in existence.
10. Implied undertakings as to title.
11. Sale by description.
12. Sale by sample.
13. Quality and fitness of the goods.
14. Quantity of goods.
15. Delivery concurrent with payment.
16. Time of delivery.
17. Cost of putting goods into deliverable state.
18. Means of delivery.
19. Place of delivery.
20. Despatch of goods by carrier.
PART III - DUTIES OF THE BUYER
21. Fundamental obligations of the buyer.
22. Payment concurrent with delivery.
23. Time of payment and accepting delivery.
24. Buyer not bound to accept delivery by instalments.
PART IV - TRANSFER OF PROPERTY AND RISK
25. Goods must be ascertained,
26. When property passes.
27. Transfer of risk.
28. Non-owner cannot generally pass good title.
29. Disposition under voidable title.
30. Disposition by mercantile agent in possession of goods, etc.
31. Disposition by seller in possession.
32. Disposition by buyer in...
...Mackenzie Chalmers drafted the following acts Bills of Exchange Act 1882, The Sale of Goods Act 1893 and the Marine Insurance Act 1906 and out of these The Sale of Goods act was amended particularly by the Supply of Goods Act 1973 and then the law solidified the Act as Sale of Goods Act 1979 which came into existence on 1st January 1980.The 1979 act has itself be modified, mainly by the Sale and Supply of Goods Act 1994, Sale of Goods Act 1995 and Sale and Supply of Goods to Consumers Regulations 2002.
Sale of Goods Act 1979
Contract for the sales of goods is considered as one of the distinguished contract in the present day.
Definition of salecontract as on Section 2(1) of the Act
“In a contract when a seller transfers or agrees to exchange the belongings in goods to the buyer for a financial consideration called price”
Alternate definition is given in Subsection (3) and (4) for two transaction as
(3) “In a contract of sale if the property in goods is transferred from a seller to purchaser the contract is called as sale”
(4) “Where under a contact of sale the transfer of property in the goods is to take place at a future time or subjected to some conditions later to be fulfilled...
The Law Relating to Sale of goods
Group Name: CrypTic
Department of Management Studies
Faculty of Business Studies
COURSE NAME: COMMERCIAL LAW
COURSE CODE: 1210
BBA 1st year 2nd Semester
GROUP NAME: CrypTic
MOBILE No. & Email Address
ASHRAF HOSSAIN LIPU (LEADER)
Md. Sadikul Islam
Tahmina Khanom Eaty
SK Imran Hossain
Md. Reazul Islam
Md. Mojibur Rahman Sumon
28th October, 2014
The Course Instructor,
Md. Rashedul Hoque (Sajib)
Department of Management Studies,
Jagannath University, Dhaka.
Subject: Prayer for accepting the report.
We are the students of Department of Management Studies of Jagannath University, Dhaka. It is my great pleasure...