Al-khiyar


Dictionary term

Definition of "Al-khiyar"

Lit: Option. Tech: A term used to express an option to rescind a contract of sales by either party within a certain period after the conclusion of a bargain. Its main types are: khiyar al-shart, conditional option, where one of the parties stipulates certain conditions, failing to meet which would grant a right to the stipulating party an option to rescind the contact. Khiyar al-‘aib, the option to rescind the contract on discovery of a defect in the subject of sale. Khiyar al-ru‘yah, option of rejecting the thing purchased after seeing it. Khiyar al-t‘ayin, where a person having purchased two or three things of the same kind, stipulates a period to make his selection. Khiyar al-majlis, the condition of with- drawing from the contract while the two parties are still at the place of transaction. Khiyar al-naqd, where the seller has the option to cancel the contract if the buyer does not pay cash up to a certain agreed date. Khiyar al-ghubn, the option of the buyer to cancel the contract if the seller has sold it at a price higher than what an independent evaluator evaluates. Khiyar kashf al-hal, the buyer’s option to cancel the contract on knowing specifications of the product where a product is sold without specifications. Khiyar al-qabul, the option to accept or reject a proposal, in a contract of sale, before the proposal is accepted, the option is surrendered by giving acceptance to the proposal. Khiyar al-taghrir, option to rescind the contract if the seller perpetrates a fraud causing loss to the buyer.


Create Your FREE Account…

IslamicBanker helps professionals navigate Islamic markets by providing powerful insights, analytics and collaboration tools.