Is it permissible for the seller to revoke the contract due to the buyer's failure to pay the price of the commodity?
If the seller stipulated to the buyer that if the price is not paid by a certain date, there is no sale between them, then the condition is valid, and the contract is rescinded upon the expiration of the agreed-upon time without payment. However, if the seller did not stipulate this, but the buyer became insolvent or delayed in paying the price, the seller has the right to rescind the sale, provided that the seller was not aware of the buyer's insolvency at the time of sale. If the buyer is solvent but procrastinates, the seller has the right to rescind the sale. The issue of rescinding the sale here is a matter of disagreement among scholars. If it does not lead to a dispute, there is no harm in it; otherwise, it is necessary to refer the matter to a judge.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 167317
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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