Is there a precise point in a monetary transaction when the item being bought and the money being paid legally change hands?

asgardshill

An item being sold legally changes hands before payment is rendered and the buyer becomes obligated to pay for the item. The buyer, not the purchaser, always executes the sale. http://en.wikipedia.org/wiki/Sales Sep 10 09, 8:14 AM

zbeckabee

That depends entirely upon the type of sale and the type of agreement that both buyer and seller enter: absolute sale :a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price. cash sale :a sale in which payment must be made in cash Under U.C.C. section 2-310, payment must be made in cash at the time and place that the buyer receives the goods unless there is a prior agreement between the parties for a sale on credit. conditional sale :a sale that is complete only when one or more conditions are met. specif :a sale in which the seller extends credit to the buyer to purchase the item and takes a security interest in the item with the buyer receiving title when the debt has been fully paid off. Etc. -- More examples: http://dictionary.getlegal.com/sale CONTRACTS -- In law, a contract is a binding legal agreement that is enforceable in a court of law. That is to say, a contract is an exchange of promises for the breach of which the law will provide a remedy. http://en.wikipedia.org/wiki/Contract Sep 10 09, 9:41 AM

Arpeggionist

There's also the halachic (Jewish cannonical) concept of sale - an item is not "owned" until it is lifted or used by the buyer, or on the buyer's property. (There are a number of places in the Talmud where one can find the distinctions between different types of sales.) This is another reason why Jewish wedding ceremonies are so detailed - a wedding is actually four or five separate ceremonies, each symbolizing a different transfer of the bride's status from her family to her new husband. Sep 10 09, 11:21 AM