What type of agreement do contracting parties have when the sale itself is contingent on approval?

A) A transferable contract
B) An executed contract
C) An implied-in-law contract
D) A conditional sales contract
E) A consignment contract

Conditional Sales Contract

A sales agreement that grants possession of an asset to the buyer, but withholds legal ownership until all terms have been fulfilled, typically payment in full.

Sale Itself

An actual transaction or agreement where a seller agrees to transfer ownership of goods or property to a buyer for a price.

Contingent on Approval

Depending on the granting of approval or permission by a relevant authority or party before proceeding or becoming effective.