Immediate and Deferred Payment (Naqd wa Nisyah)
2132. If a commodity is sold based on immediate payment, both the buyer and the seller can demand the commodity and its payment from each other and take possession of it. The delivery of property, be it transportable or not, is realized by removing all the obstacles that impede the other party from making use of it.
2133. In a sale of deferred payment, the period of deferment should be precisely defined. Therefore, if a person sells a commodity with the understanding that its payment would be deferred to the beginning of the harvest, the transaction is invalid because the period has not been precisely defined.
2134. If a commodity is sold on deferred payment, the seller may not demand its payment prior to the completion of the agreed period of deferment. If, however, the buyer passes away, and leaves behind an estate, the seller may demand the payment from the inheritors before the completion of the period.
2135. If a commodity is sold on deferred payment, the seller may demand its payment after the completion of the agreed period of deferment. However, if the buyer is unable to pay, the seller must give him respite, or he may cancel the transaction and reclaim possession of the commodity if it still exists.
2136. If a person sells a commodity on deferred payment to a person who is ignorant of its price, and fails to inform him of its price, the transaction will be invalid. However, if he offers the commodity on deferred payment for a higher price to a person who is aware of its price on immediate payment—for example, he may state that the commodity that he is selling on deferred payment will cost 10 cents more for every dollar of its sale on immediate payment—and the buyer accepts it, there will be no problem with the transaction.
2137. If a person who has sold a commodity on deferred payment, and has specified a period for its payment, requests the buyer after—for example—the passage of half the period of deferment to pay him a portion of the price immediately, and (in return) forgoes his claim to the rest of it, there will be no problem in it.
