How to Draft and Enforce a Conditional Sale

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Excerpt from How to Draft and Enforce a Conditional Sale: One of a Series of Lectures Especially Prepared for the Blackstone InstituteThe difierence between a lease and a conditional sale, in the strict sense of those terms, is that in a lease the parties intend the article leased to be returned at the end of a set period. The user pays certain sums called rent for use of the property. In the case of a conditional sale the parties contemplate that when the sums stipulated are paid the property shall belong absolutely to the buyer. In the case of the lease, the sums paid are simply in return for the use of the property. In the case of the conditional sale, the sums paid are part payment toward the pur chase price.In many states it is the custom to draft conditional sales in the form of leases on the theory that in this' way the buyer most clearly acquires no claim to the title until final payment has been made. Such leases contain a clause giving the so-called lessee the right to a release of the lessor 's rights in the property on final payment. The courts, however, have been very quick to protect the buyer in the case of leases of this character by declaring them to be what they are in fact - conditional sales.1 The final payment of the so-called rent results in the transfer of the title, but this cannot be the efiect in case of a real lease. The courts have reached this result without the aid of any statute. In some states, however, statutes have been passed which include such leases within their operation.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.