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23 Cards in this Set
- Front
- Back
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sales contract
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a contract for the sale of goods underwhich the ownership of goods is transferred from a seller to a buyer for a price
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sale
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the passing of title to property from the seller to the buyer for a price
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tangible property
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property that has physical existence and can be distinguished by the senses of tough, sight, and so on. A car is tangible property; a patient right is intangible property
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intangible property
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property that cannot be seen or touched but exists only conceptually, such as corporate stocks and bonds, patents and copyrights, and ordinary contract rights. Article 2 of the UCC does not govern intangible property
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predominant-factor test
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a test courts use to determine whether a contract is primarily for the sale of good or for the sale of services
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merchant
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a person who is engaged in the purchase and sale of goods. Under the UCC, a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowlege peculiar to the practices or uses of the goods being purchased or sold.
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lease agreement
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in regard to the lease of goods, an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental problems
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lessor
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a person who sells the right to the possession and use of goods to another in exchange for rental payments
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lessee
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a person who acquires the right to the possession and use of another's goods in exchange for rental payments
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requirements contract
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an agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyers needs or requires
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output contract
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an agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces
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firm offer
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an offer (by a merchant) that is irrevocable without consideration for a stated period of time or, if no definite period is stated, for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be in writing and must be signed by the offeror
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seasonably
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within a specified time period or, if no period is specified, within a reasonable time
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identification
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in a sale of goods, the express designation of the goods provided for in the contract
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shipment contract
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a contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier
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destination contract
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a contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they are tendered at the destination specified in the contract
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document of title
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paper exchanged in the regular course of business that evidences the right to possession of goods (for example, a bill of lading or a warehouse receipt).
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bailee
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under the UCC, a party who, by bill of lading, warehouse receipt, or other document of title, acknowledges possession of goods and/or contracts to deliver them
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sale or return
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a type of conditional sale in which title and possession pass from the seller to the buyer, but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract
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consignment
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a transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee
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sale on approval
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a type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold
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cure
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the right of a party who tenders nonconforming performance to correct that performance within the contract period
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insurable interest
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in regard to the sale or lease of goods, a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods
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