what does buying on consignment mean?

Asked by Soaka06, Hicksville, NY Fri Jul 13, 2012

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Tim Moore’s answer
Tim Moore, Agent, Kitty Hawk, NC
Sat Jul 14, 2012
Consignment is the act of consigning, which is placing any material in the hand of another, but retaining ownership until the goods are sold.

A land contract would be an example I guess.
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Malgorzata R…, Agent, Rockville Centre, NY
Thu Jul 24, 2014
Trading arrangement in which a seller sends good to a buyer or reseller who pays the seller only as and when the goods are sold. The seller is the owner of the goods until they are paid in full and, after a certain period, takes back the unsold goods.
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