Conditional Sale Agreement in United Kingdom

Definition of Conditional Sale Agreement

In accordance with the work A Dictionary of Law, this is a description of Conditional Sale Agreement : A contract of sale under which the price is payable by instalments and ownership is not to pass to the buyer (although he is in possession of the goods) until specified conditions relating to the payment of the price or other matters are fulfilled. The seller retains ownership of the goods as security until he is paid. A conditional sale agreement is a *consumer-credit agreement; it is regulated by the Consumer Credit Act 1974 if the buyer is an individual, the credit does not exceed £25,000, and the agreement is not otherwise exempt.