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KHIYAR (OPTION) (KHIYAR AN-NAQD (DEFINITION (option for the contracting…
KHIYAR (OPTION)
KHIYAR AN-NAQD
DEFINITION
option for the contracting parties to dissolve the contract due to failure of payment at a certain agreed date
EXAMPLE
Fatimah has ordered a handbag from Charles and Keith. She promised to pay within 2 days. After 2 days, Fatimah didn't pay it.So, Charles and Keith has khiyar to cancel her order.
KHIYAR AL-GHABN
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EXAMPLE
Shada sells the laptop at a cost RM3000 to Izzah but the market price of the laptop is below RM2000. Izzah has this khiyar to not buy the laptop.
KHIYAR AL-MAJLIS
DEFINITION
option for the contracting parties to dissolve the contract as long as he is still in the session of contract.
EXAMPLE
If one party terminate her khiyar, so the other party free to choose whether to continue the sale or to cancel the sale as long as this khiyar majlis exist.
KHIYAR SYARAT
DEFINITION
option for the contracting parties to dissolve the contract within specified period stipulated during the contract
EXAMPLE
The seller or buyer insert a condition in the contract of sale, giving them an option, within a fixed period to cancel or ratify the sale.
KHIYAR AL- WASF
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EXAMPLE
Sarah buys the car from Shafiq who has specified automatic transmission of the car. However when Sarah uses the car, she finds the transmission to be manual. Therefore she can return the car to Shafiq in the absence of a specific quality.
KHIYAR AL-'AYB
DEFINITION
option for the contracting parties to dissolve the contract based on discovery of subject matter defect
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KHIYAR AT-TA'YIN
DEFINITION
The party who is in sales can choose one out of three goods which differentiate by the price and the characteristic of the goods
EXAMPLE
Amin sells one of two shirts to Ali which determines the price of his shirts and give condition to Ali to choose which one he wants to buy in 2 days. Ali can choose one of shirts to be the object of Aqad with the price.
KHIYAR AL-RU'YAH
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EXAMPLE
In buying motorcycle or car process, the concept real for al-ru'yah apply when potential buyers are allowed test drive any vehicle they want to buy.
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