Regulations Surrounding Sales Contracts
Contracts of sale are governed by several provisions as outlined by scholars. Below are some key points regarding these regulations:
- A valid sales contract comprises several essential components. According to most scholars, these include the mutual declaration and acceptance (offer and acceptance), the parties involved (the seller and the buyer), and the object of the contract. For the declarations to be valid, both the offer and acceptance must occur in a single session, free from any conditions or time constraints. Additionally, the parties to the contract must be of legal age, sound mind, and acting voluntarily, with each party represented. The item sold must exist at the time of the contract, be tradeable, owned by the seller, capable of delivery, recognized by both parties, and beneficial.
- For a sale to be legally binding, certain conditions must be met, including the absence of ambiguity, coercion, specified timing, harm, and excessive uncertainty. Furthermore, any conditions that could invalidate the contract or contradict its fundamental nature must also be absent.
Definition of Sale
In linguistic terms, sale is defined as an exchange of one item for another; for instance, exchanging goods for money. One item in this transaction is referred to as the “sold item,” while the other is known as the “price.” Some scholars interpret “sale” as the transfer of ownership of an asset in exchange for another asset. In contrast, “purchase” is characterized as acquiring an item through such an exchange. Both terms, sale and purchase, can refer to the actions of both seller and buyer. However, in practice, “sale” typically refers to the actions of the seller, while “purchase” pertains to those of the buyer. Sales transactions are considered permissible, as evidenced by the Quran, the Sunnah, and the consensus of scholars.
Etiquette in Sales Transactions
Sellers are encouraged to embody certain ethical practices and virtues concerning sales contracts. Below are some important behaviors to consider:
- Flexibility and generosity regarding the pricing of goods from the seller’s perspective and on the part of the buyer.
- Honesty in sales, which involves accurately informing buyers about the nature and quality of the merchandise.
- Avoiding swearing on the name of Allah during sales, even if the seller is truthful.
- Increasing charitable acts and donations.