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23 Cards in this Set

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sales contract
a contract for the sale of goods underwhich the ownership of goods is transferred from a seller to a buyer for a price
sale
the passing of title to property from the seller to the buyer for a price
tangible property
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
intangible property
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
predominant-factor test
a test courts use to determine whether a contract is primarily for the sale of good or for the sale of services
merchant
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.
lease agreement
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
lessor
a person who sells the right to the possession and use of goods to another in exchange for rental payments
lessee
a person who acquires the right to the possession and use of another's goods in exchange for rental payments
requirements contract
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
output contract
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
firm offer
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
seasonably
within a specified time period or, if no period is specified, within a reasonable time
identification
in a sale of goods, the express designation of the goods provided for in the contract
shipment contract
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
destination contract
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
document of title
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).
bailee
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
sale or return
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
consignment
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
sale on approval
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
cure
the right of a party who tenders nonconforming performance to correct that performance within the contract period
insurable interest
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