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11 Cards in this Set
- Front
- Back
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Action for the Price
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The seller’s claim when the buyer has breached the contract and title to the goods has passed to the buyer |
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Bill of Landing
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A shipping document that serves as a contract between the seller and the carrier. |
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Caveat Emptor
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“Let the buyer beware” or “let the buyer take care.”
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C.I.F. |
A contractual term making the seller responsible for insurance and shipping. |
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C.O.D. |
A contractual term requiring the purchaser to pay the carrier in cash upon delivery of the goods. |
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Damages for non-acceptance |
Damages to which a seller is entitled if a buyer refuses to accept goods prior to the passing of title. |
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F.O.B. |
A contractual term whereby the buyer specifies the type of transportation and the seller arranges that transportation and delivery of goods to the carrier at the buyer’s expense. |
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Future Goods |
Goods that are not yet in existence at the time a contract of sale is formed. |
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Specific Goods |
Goods that are in existence and identifiable at the time a contract of sale is formed. |
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Stoppage in Transit |
The right of a seller to demand that goods be returned by a shipper to the seller, provided the buyer is insolvent. |
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Unascertained Goods |
Goods that are not yet set aside and identifiable as the subject matter of the contract at the time a contract of sale is formed. |
