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17 Cards in this Set

  • Front
  • Back
Sales of goods
transfer of ownership to tangible personal property in exchange for money, other goods, or performance of services
Lease of goods
a transfer of the right to possess and use goods belonging to another
Merchant
someone who regularly engages in commerce regarding the type of goods in question
Gap fillers
used to fill in areas the parties failed to address
Price terms
fixed price is not an essntial term
Exclusive dealing contracts
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
Identification
the surrounding curcumstances make it clear that the goods are those to which the contract refers
Transfer of voidable title
one can pass good title to a “good faith purchaser for value
buyers in the ordinary course of business
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
Entrusting goods
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
Free on board(FOB)
seller bears cost and risk of loss until delivery
Free alongside(FAS)
seller bears cost and risk of loss until “alongside” a particular maritime vessel
Cost,insurance,freight(CIF)
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
Cost and freight(C&F)
same as CIF except no obligation to insure
Insurable interest
to insure themselves against most of the risks they must bear
Sales or return
goods delivered to a Buyer primarily for resale and the Buyer has the right to return them
Sales on approval
goods delivered to a Buyer primarily for the Buyer’s use