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Transactions » Sale of gold and silver against gold and silver → ← Transactions » Contract by advance payment

Transactions » Laws regarding advance payment contract

2121. If a person purchases a commodity by way of advance payment, he is not entitled, till the expiry of the stipulated period of delivery, to sell it to anyone except the seller, but there is no harm in selling it to any person after the expiry of the stipulated period, even if he may not have taken possession of it yet. However, it is not permissible to sell cereals like wheat and barley, and other commodities which are sold by weighing or measuring other than fruits, unless they are in possession, except that the buyer wishes to sell them at cost or lower price.

2122.
In advance payment purchase transaction, when the seller delivers at the stipulated time the commodity which he had sold, the buyer should accept it. Also, if the seller gives something better in quality than the one agreed upon, and if it is reckoned to belong to the same type, the buyer should accept it.

2123.
If the commodity which the seller delivers is of inferior quality to that which was agreed upon, the buyer can reject it.

2124.
If the seller delivers a commodity different from the one he had sold to the buyer, and the buyer agrees to accept it, there will be no objection to it.

2125.
If a commodity which was sold by advance payment becomes scarce at the time when it should be delivered, and the seller cannot supply it, the buyer may wait till the seller procures it, or even cancel the transaction, and take the refund, but as a precaution, he cannot sell it back to the seller at a profit.

2126.
If a person sells a commodity promising to deliver it after some time, and also agrees to take deferred payment for it, the transaction is void.
Transactions » Sale of gold and silver against gold and silver → ← Transactions » Contract by advance payment
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