Buying and Selling: Ruling on Vendor’s Right to Revoke Sale for Delayed Instalment Without Specific Terms

Practical Laws of Islam as per the teachings of Imam Khamenei

Buying and Selling: Ruling on Vendor’s Right to Revoke Sale for Delayed Instalment Without Specific Terms

English:

Question #1582:

If the first instalment is delayed beyond its usual time, while there is no specific time for the payment, and no right to revoke on delayed payment is stipulated in the contract for the vendor, has he the right to revoke the transaction because of a delay in paying the instalment?

Answer #1582:

In selling on credit, the period during which the settlement of the amount has to be made has to be determined. However, if the sale was concluded without specifying a date for settling the instalments, the sale is deemed null and void to start with. But, if the timetable for paying the instalments has been agreed, and the buyer delayed the payment beyond the due date, this, per se, should not give rise to the vendor’s exercising the right to revoke.

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