Although the legal regulation of this contract as a special named modality of the basic type of contract of sale was missing in our positive legislation, its significance for today’s modern legal transactions is undoubted. Sales contracts with the right of redemption are still concluded today and are an integral part of the living organisms of our contractual contract law. This was also noticed by the Commission for the Drafting of the Civil Code of the Republic of Serbia, which envisaged the legal regulation of this important legal work in the Pre-Draft of the new Civil Code. In this way, the intention of the Commission to finally fill the legal gap that still exists in the Serbian contract law regarding the legal regulation of this legal transaction as a special named contract was expressed. Sales contracts with the right of redemption are valid legal transactions that still produce legal effects, under the condition that they are concluded in accordance with the general principles of our contract law, within the limits prescribed by positive laws and regulations and are not contrary to public order and good customs. In this paper, the author looks at the origin and historical development of this modality of the contract of sale, the concept, features and subject of the contract, including the rights and obligations of the parties, presented significant understandings of legal science on the legal nature and duration of contracts of sale and pointed out the need for its legal regulation as a named contract.