seller(redirected from sellers' markets)
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SELLER, contracts. One who disposes of a thing in consideration of money; a
2. This term is more usually applied in the sale of chattels, that of vendor in the sale of estates.
3. The duties of the seller are, 1. To deal with fairness. 2. To deliver the thing sold at the time and place appointed, and to take care of it until delivery; but when everything the seller has to do with the goods is complete, the property and the risk of accident to the goods, rests in the buyer, even before delivery, or payment. Noy's Max. ch. 24; 7 East, 571; 2 Bl. Com. 448. 3. To warrant the title of personal property when he sells it as his own, when it is in his possession. 2 Kent, Com. 374; 1 Lord Raym. 593; 1 Salk. 210.
4. The rights of the seller are, 1. To be paid the price agreed upon. 2. To be indemnified for any expenses he may have incurred to preserve the thing sold for the buyer, after the title to it has passed to the latter. 3. To stop the thing in transitu when the buyer has failed and the price has not been paid. See Stoppage, in transitu. Vide Purchaser, and the authorities there cited; Bouv. Inst. Index, h.t.