A contract of sale is a legal contract. It is a contract for the exchange of goods, services or property that are the subject of exchange from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. It is a specific type of legal contract.
An obvious ancient practice of exchange, in many common-law jurisdictions it is now governed by statutory law. See commercial law.
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