جمعه: 1403/01/10

There are six conditions of Advance Payment Contract

 

2120. Advanced payment contract consist of six conditions:

First: The characteristic, due to which the price of a commodity may vary, should be specified. However, it is not necessary to be very precise, it will be sufficient if the people say that ‘its particulars are known’. Therefore, the advanced payment contract is void in case of bread, meat, hide of animals and the likes of them as their characteristics cannot be specified.

Second: Before the buyer and the seller separate from each other, the buyer should hand over full amount to the seller, or if the seller is indebted by way of cash to the buyer for an equivalent amount, the buyer can adjust it against the price of the commodity, if the seller agrees to it. And if the buyer pays certain percentage of the price of that commodity to the seller, although there is no doubt that transaction will be valid equal to that percentage, but the seller has the right to rescind same amount of the transaction.

Third: The time limit should be precisely stipulated. If the seller says that he would deliver the commodity on the harvest, the transaction is void, since the period is not specified precisely.

Fourth: Such a time should not be stipulated for delivering the commodity that in that time, the commodity becomes scarce for the seller to deliver it to the buyer.

Fifth: The place of delivery of the commodity should be specified. However, if the place can be implied from their contract, it is not necessary for them to mention the name of the place.

Sixth: The weight or measure of the commodity should be specified. In addition, there is no harm in selling through advance payment contract, a commodity that is usually bought and sold by sight. However, for such a deal, the difference in the quality of individual items of the commodity must be negligible for someone to pay attention to it, like in the case of walnuts and eggs.

نويسنده:

Friday / 29 March / 2024