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KHIYAR (TYPES OF KHIYAR (Khiyar al-Majlis (A khiyar (option) which is…
KHIYAR
TYPES OF KHIYAR
Khiyar al-Majlis
A khiyar (option) which is conferred on each of the parties to a contract allowing them to rescind it or not to proceed with concluding the contract (usually of sale) before they leave the contract assembly (session),
Prophetic hadith (maxim): “The two parties to a sale have the option [to rescind it] as long as they have not parted, and one of them may give the other the option for a longer period"
Khyiar al-majlis is an Arabic term that translates into option of the contracting session (contract session option).
Khiyar al-'Ayb
An option (khiyar) that is conferred on the buyer such that in case the object of sale is found to be defective, he will be entitled either to hand it back to the seller for its full price, or receive a price reduction corresponding to the defect (while retaining the object).
An example is an animal with partial or complete blindness or an electronic device that is malfunctioning. Shafi’is, in their turn, define a defect as any uncommon attribute that brings about a diminution in the object of sale or its value or impedes a proper or ordinary use of the object.
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Khiyar al-Shart
A khiyar (option) that constitutes a condition stipulated in the contract. This option confers on the parties to the contract the right to proceed with contract by confirming it or to cancel it, all within a pre-agreed period of time.
. In general, the option duration can vary in length according to the agreement and designation of the two contracting parties at the contract date. During the option duration the buyer has the right to effectuate the deal by paying the price and taking delivery of the underlying object of sale.
This option has a very close cousin known as the option of reflection (khiyar al-tarawwi).
Khiyar al-shart is an Arabic term that translates into "option by stipulation" or "condition option".
TYPES OF KHIYAR
Khiyar al-Ghubn
A khiyar (option) that confers on either party to a commutative contract (e.g., contract of sale, ijarah, etc) the right to remove the injustice arising from fraudulent deception (ghubn) by voiding the contract.
The source of deception could be the seller whether in verbal form as when communicating unjust prices or by action when conveying untrue or misleading description of the object of sale.
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Khiyar al-Wasf
An option (khiyar) that comes into effect if the buyer finds out that a desired feature or specification of the object of sale is actually missing or non-existing.
This option is usually used in cases where the object of sale is not available at the time of contract.
For example, a person may buy a vehicle based on the description that it has travelled a specific mileage or is the model of a given year just to discover later that this is not true.
Khiyar al-wasf is an Arabic term that translates into characteristic option or feature-related option.
Khiyar al-Naqd
A special case of khiyar al-shart (condition option), which comes into effect if the parties to the contract of sale with deferred payment agree that the contract shall be void unless the price is paid within a period of three days at the longest
The period of three days is typically stipulated in khiyar al-shart, and the stipulation of any longer period (such as four day or more) will render the contract invalid, as such stipulation contradicts the very nature of the concept of cash payment.
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