khiyar in Islamic transactions

What is the definition of khiyar in Islamic transactions?

• A mandatory agreement between two parties

• The right to change the price of goods

• The right to confirm or cancel a contract

• The right to change the buyer

Which type of khiyar allows a buyer to cancel the sale upon discovering a defect in the item?

• Khiyar al-Majlis

• Khiyar al-Syart

• Khiyar al-Ru’yah

• Khiyar al-Ayb

In khiyar al-syart, the option period is usually not more than:

• 1 day

• 3 days

• 5 days

• 7 days

Khiyar al-majlis is valid as long as:

• The buyer has paid the price

• The goods have been delivered

• Both parties have not separated

• The seller has signed the contract

What does khiyar al-ru’yah refer to?

• The right to resell goods

• The right to change the price

• The right to cancel a contract upon inspecting unseen goods

• The right to replace the seller

What is the main purpose of khiyar in sale and purchase contracts?

• To maximize profit

• To attract more buyers

• To provide time for decision-making and avoid disputes

• To reduce prices of goods

According to the Shafi’i school, khiyar al-‘ayb only applies if the defect exists:

• After the buyer receives the goods

• Before the contract is concluded

• After the contract but before delivery

• At any time during possession

When does the right to khiyar al-‘ayb become invalid?

• The buyer disagrees with the contract

• The goods are not yet delivered

• The buyer knew of the defect but continued the transaction

• The seller admits the fault

In khiyar al-syart, the contract ends when:

• The buyer inspects the goods

• The price is renegotiated

• The option period ends

• The seller backs out

According to the Hanafi school, what right does a buyer have when purchasing unseen goods?

• No right to cancel

• Right to cancel after inspection

• Right to exchange with other goods

• No legal standing