A sale is a transaction in which there is a transfer of property or the promise of a service in exchange for some type of remuneration. The completion of a sale is predicated on the following items:
- Both parties agree to the terms of the transaction
- It is physically and legally possible to transfer the asset or provide the service
- Both parties are willing and able to enter into the agreement
A sale can also be considered an event in which goods are being sold at a reduced price. This is commonly done in order to draw down excess inventory or as a loss leader to lure customers into a retail location.