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Bill of Sale

Definition - What does Bill of Sale mean?

A bill of sale is commonly known as a receipt and is the written proof a consumer has for a purchase that they made. A bill of sale can also include credit terms where the consumer agrees to pay the purchase price off over a set number of payments. A consumer is able to effect a return of merchandise within 30 days if they have the bill of sale for the item. It can also be to certify the transfer of personal property in a debt to be used as collaterol or against the debt.

Justipedia explains Bill of Sale

The bill of sale must include the date of the transfer/purchase, a description of the goods, a total for the goods, and the method of payment. Consumer protection laws cover sales and returns and bill of sales.

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