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سه‌شنبه: 19 / 09 / 2017 ( )

Conditions for Purchase by Advance Payment contract

 

2118. Purchase by advance payment means that a buyer pays the price of a commodity, and takes its possession later. For example, if the buyer says, "I am paying this amount so that I may take possession of such and such commodity after six months" and the seller says, “I agree", or the seller accepts the money and says “I have sold such and such thing and will deliver it after six months". The transaction is valid.

2119. If a person sells on advance payment basis, coins that are of gold and silver or the gold and the silver and takes gold and silver coins or gold and silver in exchange for them, the transaction is void. However, if he sells the commodity and in exchange of it receives a different commodity or money, the transaction is in order. As per recommended precaution, one should take money and no other commodity in exchange for the commodity sold.

 

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