Also found in: Dictionary, Thesaurus.
n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales.
resalethe legitimate selling of goods despite the fact that they have already been sold to another. Where an unpaid seller who has exercised his right of LIEN or RETENTION or STOPPAGE IN TRANSIT resells the goods, the buyer acquires a good title to them as against the original buyer. The legislation provides for two instances of resale. First, where the goods are of a perishable nature or where the unpaid seller gives notice to the buyer of his intention to resell and the buyer does not within a reasonable time pay or tender the price, the unpaid seller may resell the goods and recover from the original buyer damages for any loss occasioned by his breach of contract.
Secondly, where the seller expressly reserves the right of resale in case the buyer should make DEFAULT, and on the buyer making default resells the goods, the original contract of sale is rescinded but without prejudice to any claim the seller may have for damages.
RESALE. A second sale made of an article; as, for example, if A sell a horse
to B, and the latter not having paid, for him, refuse to take him away, when
by his contract he was bound to do so, and then A sells the horse to C.
2. The effect of a resale, is not always to annul the first sale, because, as in this case, B would be liable to A for the difference of the price between the sale and resale. 4 Bing. 722; Blackb. on Sales, 336; 4 M. & G. 898.