Legal Definitions - credit sale

A credit sale is a type of sale where the buyer is allowed to pay for the goods at a later time. This means that the buyer can take possession of the goods immediately, but payment is deferred to a later date. For example, if a customer buys a TV on credit, they can take the TV home and pay for it over time.

Example: John buys a laptop on credit from a store. He takes the laptop home and agrees to pay for it in monthly installments over the next year.

This example illustrates a credit sale because John is allowed to take possession of the laptop immediately, but payment is deferred to a later date.