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17 Cards in this Set
- Front
- Back
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Sales of goods
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transfer of ownership to tangible personal property in exchange for money, other goods, or performance of services
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Lease of goods
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a transfer of the right to possess and use goods belonging to another
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Merchant
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someone who regularly engages in commerce regarding the type of goods in question
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Gap fillers
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used to fill in areas the parties failed to address
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Price terms
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fixed price is not an essntial term
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Exclusive dealing contracts
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where one or both parties to the contract bind themselves to dealing solely with the other party regarding the type of goods that are the subject of the contract
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Identification
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the surrounding curcumstances make it clear that the goods are those to which the contract refers
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Transfer of voidable title
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one can pass good title to a “good faith purchaser for value
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buyers in the ordinary course of business
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this is someone who, in good faith, buys goods from a person dealing in goods of the type without knowing the sale violates the ownership rights of any third party
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Entrusting goods
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anyone who entrusts goods to a merchant who regularly deals in such goods gives the merchant the power to give good title to a Buyer in the ordinary course of business
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Free on board(FOB)
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seller bears cost and risk of loss until delivery
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Free alongside(FAS)
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seller bears cost and risk of loss until “alongside” a particular maritime vessel
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Cost,insurance,freight(CIF)
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the price of goods includes the cost of shipping and insurance, so the Seller bears the expense and risk of loss of loading the goods
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Cost and freight(C&F)
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same as CIF except no obligation to insure
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Insurable interest
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to insure themselves against most of the risks they must bear
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Sales or return
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goods delivered to a Buyer primarily for resale and the Buyer has the right to return them
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Sales on approval
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goods delivered to a Buyer primarily for the Buyer’s use
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