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Sale (Law that transaction)

in law, that transaction by which the ownership of property is transferred from one person to another in consideration of a money payment made by the buyer to the seller. If it be a commutation of goods for goods, it is more properly an exchange. In order to the validity of a sale, it is necessary that the parties act in good faith; for it is a maxim in law that fraud vitiates all contracts. Neither is a sale valid if the subject-matter of it is illegal or prohibited, or if an essential part part of it involves an illegal act. In order to constitute a sale, the consent of each of the parties is required; and hence each must be legally qualified to consent.