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Let's find out what “DIFFERENCES” between “SALES CONTRACT” and “OTHER CONTRACTS” are! Sales

Sales Contract VS Exchange Contract


- Sales Contract: The seller “transfers ownership” of the property being sold to the buyer in exchange for “MONEY” as agreed upon as the price of that property.

- Exchange Contract: Both parties “transfer ownership” of their own “OTHER ASSET” which is not money, to each other.



Sales Contract VS Gift Contract


- Sales Contract: It is a “reciprocal” contract where the seller receives MONEY in return for transferring ownership to the buyer.

- Gift Contract: It is a “non-reciprocal” contract where the giver alone transfers ownership to the receiver WITHOUT getting anything in return.



Sales Contract VS Lease Contract


- Sales Contract: The seller “TRANSFER ownership” of the property sold to the buyer.

- Lease Contract: The lessor “does NOT transfer ownership” of the property leased to the lessee.



Sales Contract VSHire Purchase Contract


- Sales Contract: The seller intends to “transfer ownership” of the property being sold “IMMEDIATELY”.

- Hire Purchase Contract: The seller intends to “lease” and “promise” to transfer ownership of the property to the hire purchaser ONCE the hire purchase price, divided into “installments”, is FULLY PAID.



Sales Contract VSWork and Labor Contract


- Sales Contract: Focuses on the “PROPERTY” itself, with ownership being transferred in the sale.

- Work and Labor Contract: Focuses on the “SKILL or EXPERTISE” of the contractor and the “successful completion of work” as the main point.



 

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