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The Offer and Acceptance are the integrals (rukn) of the contract.
o
1
: ( 105
)
2
( 103
Before the actual occurrence of the sale both parties have the option
of going back.
o
After the occurrence of the sale both parties are bound by the
contract unless there exists an option to cancel the contract. More on
this later.
o
The Item of Sale:
3
( 101
4
( 102
)
The Price:
The price must be set at the time of the contract and not at a later
date. Doing so at a later date corrupts the contract e.g. We will agree
on the price later.
o
Ikhtiyar: Except when the land being traded in has only one
currency; no fear of dispute then if currency not stipulated.
[a] Sale Price, which is what the two transacting parties agree
upon, and [2] Market Price (qima), which what the item is valued
at in the market.
Ikhtiyar: The sale is valid for one measure but the buyer has the
option to cancel due to tafarraq fil safaqat.
However, the fruits of the tree or crops on a land do not enter except
with specification. They belong to the seller by default.
Ikhtiyar: Because it is like lending or leasing in the sale and this will be
akin to having two contracts in a single contract, which is prohibited.
Ikhtiyar: Because the Prophet (Allah bless him and grant him peace)
interdicted the sale of what was not possessed.
Deferral between debts and loans will take in the chapter on riba.
Ikhtiyar: Because these animals are ones benefited from, such as a dog
for the purpose of protection.
An item can be of [a] No Value [b] Value and [c] Recognized Value.
o
An item of value but not recognized value is not valid for Muslims
to sell or buy.
The sale of pig and wine is thus invalid for Muslims. However, it is
permissible for non-Muslims because it is among the most valuable of
things to them.
The blind person has the option of inspection because he has not seen
the item of sale.