An approval sale allows the buyer to decide whether they want to keep the purchased item or not. The seller retains ownership of the item until the buyer confirms their decision. If the buyer is dissatisfied, they have the option to return the item to the seller. Essentially, it is akin to borrowing something before making a final decision on whether to keep it.
An approval sale is a type of transaction where the buyer’s satisfaction with the goods determines the completion of the sale, regardless of whether they conform to the contract. The seller maintains ownership and assumes the risk of loss until the buyer approves the goods. For instance, if a customer orders a custom-made dress from a designer, the sale is not finalized until the customer gives their approval. If the customer is not satisfied, the designer retains ownership of the dress and the risk of loss. In an approval sale, the buyer has the right to inspect the goods and decide whether to accept or reject them. This type of sale is commonly used for custom-made or high-value items, as it allows the buyer to ensure that the goods meet their expectations before completing the transaction.
An approval sale is a type of sale where the buyer has the option to approve or reject the goods after they have been delivered.
In a regular sale, the buyer is obligated to accept the goods once they have been delivered. In an approval sale, the buyer has the option to reject the goods if they are not satisfied.
In an approval sale, the buyer has the right to inspect the goods and reject them if they do not meet their expectations. This can protect the buyer from receiving faulty or unsatisfactory goods.
If the goods meet the agreed-upon conditions and are in the same condition as when they were delivered, the seller cannot refuse to accept a return in an approval sale.
If the buyer does not approve the goods in an approval sale, they can return the goods and receive a refund or request a replacement.
It depends on the terms of the sale agreement. If the restocking fee was disclosed and agreed upon by the buyer, then the seller can charge it.
Approval sales are generally governed by contract law and consumer protection laws, which vary by jurisdiction.
Once the approval period has expired, the buyer is typically bound by the sale and cannot cancel it unless there are extenuating circumstances.
The terms of an approval sale agreement should include the length of the approval period, the process for returning goods, and any restocking fees or other conditions.
If a buyer encounters issues with an approval sale, they should review the terms of the agreement and contact the seller to discuss their concerns and potential solutions. If a resolution cannot be reached, they may need to seek legal advice.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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