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17 Cards in this Set
- Front
- Back
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bailee
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a holder of goods who is not a seller or buyer. ex. warehouse
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buyer in the ordinary course of business
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a person who in good faith and without knowledge that the sale violates the ownership or security interests of a third party buys goods in the ordinary course of business from a person in the business of selling goods of that kind. a buyer in the ordinary course of business takes the goods free of any third-party security in the goods.
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consignment
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an arrangement in which a seller (the consignor) delivers goods to a buyer (the consignee) to sell
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destination contract-risk
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the seller bears the risk of loss during transportation
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destination contract
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a contract that requires the seller to deliver the goods either to the buyer's place of business or to another destination specified in the sales contract
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document of title
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an actual piece of paper, such as a warehouse receipt or bill of lading, that is required in some transactions of pickup and delivery
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future goods
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goods net yet in existence (ex. ungrown crops, unborn stock animals)
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good faith purchaser for value
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a person to whom good title can be transferred from a person with voidable title. the real owner cannot reclaim goods from a good faith purchaser for value
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good faith subsequent lessee
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a person to whom a lease interest can be transferred from a person with voidable title. the real owner cannot reclaim the goods from the subsequent lessee until the lease expires.
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identification of goods
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distinguishing the goods named in a contract from the seller's or lessor's other goods
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sale on approval
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a type of sale in which there is no actual sale unless and until the buyer accepts the goods
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sale or return contract
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a contract in which the seller delivers goods to a buyer with the understanding that the buyer may return them if they are not used or resold within a stated or reasonable period of time
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shipment contract-risk
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the buyer bears the risk of loss during transportation
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shipment contract
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a contract that requires the seller to ship the goods to the buyer via a common carrier
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title
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legal, tangible evidence of ownership of goods
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void title
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a situation in which a thief acquires no title to goods he or she steals. also known as a void leasehold interest
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voidable title
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a title that a purchaser has if the goods were obtained by (1) fraud, (2) a check that is later dishonored, or (3) impersonation of another person. also known as voidable leasehold interest
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