Buying and Selling: Ruling on Revoking a Sale Due to Buyer’s Delay in Initial Instalment Payment

Practical Laws of Islam as per the teachings of Imam Khamenei

Buying and Selling: Ruling on Revoking a Sale Due to Buyer’s Delay in Initial Instalment Payment

English:

Question #1581:

In a sale contract, it was agreed that the price of the goods should be paid by instalments over a period of one year. The buyer would then take delivery of the goods after one year of the payment of the first instalment. However, the payment of the first instalment is long overdue. Has the vendor the right to exercise the choice of revoking the contract for delay?

Answer #1581:

In the given case that the sold item is going to be delivered later, the price should be paid at the time of concluding the contract. Otherwise the transaction is invalid.

-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Buying and Selling