Illinois Conditional Sales Contract
Description
How to fill out Conditional Sales Contract?
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FAQ
A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.
The Conditional Sale Agreement If you buy equipment on an installment plan, for example, it's yours only if you meet the condition of making all the payments. The buyer gets the equipment sooner than if they paid full price; the seller has security because they can repossess the equipment.
A conditional sale refers to a transaction in which the purchaser receives possession of and the right to use certain goods, but the title remains with the seller until the performance of a condition is met by the buyer.
A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. A common example is a contract conditional upon the buyer getting planning permission.
Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.
Also known as a sale on satisfaction or sale on trial, a sale on approval contract regulates the conditional sale of goods made on a trial basis. Sellers use this contract to induce sales that buyers may not be enthusiastic about, while buyers use it to examine and inspect goods they may not otherwise buy.
The primary difference between Leasing and Conditional Sales Contract financing is that any sales taxes are paid on each payment instead of at the time of purchase. This provides you with the option of returning the leased equipment at the end of the lease term and walking away from any future responsibility.
