14:19
I wrote Raytheon instead of RTX since its more recognizable
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LSDefine
Simple English definitions for legal terms
act of sale
Read a random definition: Patient Protection and Affordable Care Act of 2010
A quick definition of act of sale:
An act of sale is a legal document that proves that someone has sold something to someone else. It's like a receipt that shows what was sold, who sold it, and who bought it. It's usually written by a special person called a notary, who makes sure that everything is done correctly. The people who sell and buy the thing have to sign the document, and other people called witnesses also sign to show that they saw it happen.
A more thorough explanation:
An act of sale is a legal document that records the sale of a property. It is usually prepared by a notary public and signed by both the buyer and the seller. The act of sale serves as proof of ownership transfer and outlines the terms and conditions of the sale.
Example 1: John sold his car to Jane and they both signed an act of sale. The document stated the make and model of the car, the purchase price, and the date of the sale.
Example 2: Mary inherited a house from her grandmother and decided to sell it. She hired a notary public to prepare an act of sale, which included the property description, the sale price, and the payment terms.
These examples illustrate how an act of sale is used to document the sale of different types of properties, such as a car or a house. The document includes important details about the transaction, such as the purchase price, payment terms, and the date of the sale. It is a legally binding document that serves as proof of ownership transfer.