Contract of Sale and Return Law and Legal Definition
A contract of sale or return is an agreement by which goods are delivered by a wholesale dealer to a retailer to be paid for at a certain rate if sold again by the latter, and when not sold to be returned. [G. A. Soden & Co. v. T. J. Wilkinson & Son, 135 Miss. 665, 672 (Miss. 1924)]
“A contract of "sale or return," whereby a vendee may return the goods purchased, if not as represented by the vender, within a specified time, or, if no time is fixed, within a reasonable time, the sale to be absolute if the goods are not returned, is a valid and enforceable agreement; but if no time within which the goods may be returned is fixed by the contract, the question whether they were returned within a reasonable time is generally, in an action brought for the purchase price thereof, a question of fact for the jury”. [Greacen v. Poehlman, 191 N.Y. 493 (N.Y. 1908)]
An option to purchase when one liked is essentially different from an option to return a purchase when s/he should not like. In one case the title would not pass until the option is determined; on the other hand, the property passes at once, subject to the right to rescind and return. [In re Allen, 183 F. 172, 174 (D. Ark. 1910)]
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