Three matters must be separated:
1. Price: the buyer’s payment obligation.
2. Collateral condition: an agreed form of security for that obligation.
3. Seller’s election: to accept the sale without that security or rescind when protection fails.
Not compelling the buyer to deliver a particular asset does not forgive the price. Nor does every unfulfilled collateral promise automatically mean the sale never existed.
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The price obligation and pledge condition are distinct
Kitab al-Rahn: Two Pledgees, Conditional Security and Custody
Three matters must be separated:
1. Price: the buyer’s payment obligation.
2. Collateral condition: an agreed form of security for that obligation.
3. Seller’s election: to accept the sale without that security or rescind when protection fails.
Not compelling the buyer to deliver a particular asset does not forgive the price. Nor does every unfulfilled collateral promise automatically mean the sale never existed.