Broker for Sale Law and Legal Definition
A broker for sale is a person who does not have ownership over the goods that s/he retains for sale. Similarly, in case of contracts in which a broker for sale enters, s/he will have no right of action in his/her name.
In Reed v. Taylor, 78 Wyo. 216, 223 (Wyo. 1958), the court observed that “the general proposition is well established that if property is placed in the hands of a broker for sale at a certain price, and a sale is brought about through the broker as a procuring cause, he is entitled to commissions on the sale even though the final negotiations are conducted through the owner, who in order to make a sale accepts a price less than that stipulated to the broker”.