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136 Cards in this Set

  • Front
  • Back
bill of lading
document issued by a carrier acknowledging the receipt of goods and the terms of the contract of transportation.
CF
cost and freight.
CIF
cost, insurance, and freight.
COD
cash on delivery.
consignee
(1) person to whom goods are shipped; (2) dealer who sells goods for others.
consignment
bailment made for the purpose of sale by the bailee. (Parties— consignor, consignee)
consignor
(1) person who delivers goods to the carrier for shipment; (2) party with title who turns goods over to another for sale.
document of title
document treated as evidence that a person is entitled to receive, hold, and dispose of the document and the goods it covers.
estoppel
principle by which a person is barred from pursuing a certain course of action or of disputing the truth of certain matters.
existing goods
goods that physically exist and are owned by the seller at the time of a transaction.
factor
bailee to whom goods are consigned for sale.
FAS
free alongside the named vessel.
FOB place of shipment
“ship to” contract.
fungible goods
homogeneous goods of which any unit is the equivalent of any other unit.
future goods
goods that exist physically but are not owned by the seller as well as goods that have not yet been produced.
identification
point in the transaction when the buyer acquires an interest in the goods subject to the contract.
identified
term applied to particular goods selected by either the buyer or the seller as the goods called for by the sales contract.
insurable interest
the right to hold a valid insurance policy on a person or property.
risk of loss
in contract performance, the cost of damage or injury to the goods contracted for.
sale on approval
term indicating that no sale takes place until the buyer approves or accepts the goods.
sale or return
sale in which the title to the property passes to the buyer at the time of the transaction but the buyer is given the option of returning the property and restoring the title to the seller.
tender
goods have arrived, are available for pickup, and buyer is notified.
voidable title
title of goods that carries with it the contingency of an underlying problem.
warehouse receipt
receipt issued by the warehouser for stored goods; regulated by the UCC, which clothes the receipt with some degree of negotiability.
Consumer Product Safety Improvement Act
federal law that sets standards for the types of paints used in toys; a response to the lead paint found in toys made in China; requires tracking for international production; increases penalties
express warranty
statement by the defendant relating to the goods, which statement is part of the basis of the bargain.
full warranty
obligation of a seller to fix or replace a defective product within a reasonable time without cost to the buyer.
implied warranty
warranty that was not made but is implied by law.
implied warranty of merchantability
group of promises made by the seller, the most important of which is that the goods are fit for the ordinary purposes for which they are sold.
limited warranty
any warranty that does not provide the complete protection of a full warranty.
negligence
failure to exercise due care under the circumstances that results in harm proximately caused to one owed a duty to exercise due care.
privity
succession or chain of relationship to the same thing or right, such as privity of contract, privity of estate, privity of possession.
privity of contract
relationship between a promisor and the promisee.
strict tort liability
product liability theory that imposes liability upon the manufacturer, seller, or distributor of goods for harm caused by defective goods.
warranty
promise either express or implied about the nature, quality, or performance of the goods.
warranty against encumbrances
warranty that there are no liens or other encumbrances to goods except those noted by seller.
warranty of title
implied warranty that title to the goods is good and transfer is proper.
acceptance
unqualified assent to the act or proposal of another; as the acceptance of an offer to make a contract.
Article 2
section of Uniform Commercial Code that governs contracts for the sale of goods.
bailee
person who accepts possession of a property.
bailment
relationship that exists when personal property is delivered into the possession of another under an agreement, express or implied, that the identical property will be returned or will be delivered in accordance with the agreement. (Parties —bailor, bailee)
battle of the forms
merchants’ exchanges of invoices and purchase orders with differing boilerplate terms.
bill of sale
writing signed by the seller reciting that the personal property therein described has been sold to the buyer.
commercial lease
any nonconsumer lease.
consumer lease
lease of goods by a natural person for personal, family, or household use.
Contracts for the International Sale of Goods (CISG)
uniform international contract code contracts for international sale of goods.
cost plus
method of determining the purchase price or contract price equal to the seller’s or contractor’s costs plus a stated percentage as the profit.
course of dealing
pattern of performance between two parties to a contract.
existing goods
goods that physically exist and are owned by the seller at the time of a transaction.
finance lease
three–party lease agreement in which there is a lessor, a lessee, and a financie
firm offer
offer stated to be held open for a specified time, under the UCC, with respect to merchants.
future goods
goods that exist physically but are not owned by the seller and goods that have not yet been produced.
gift
title to an owner’s personal property voluntarily transferred by a party not receiving anything in exchange.
goods
anything movable at the time it is identified as the subject of a transaction.
lease
agreement between the owner of property and a tenant by which the former agrees to give possession of the property to the latter for payment of rent. (Parties— landlord or lessor, tenant or lessee)
merchant
seller who deals in specific goods classified by the UCC.
mirror image rule
common law contract rule on acceptance that requires language to be absolutely the same as the offer, unequivocal and unconditional.
nonconsumer lease
lease that does not satisfy the definition of a consumer lease; also known as a commercial lease.
offer
expression of an offeror’s willingness to enter into a contractual agreement.
output contract
contract of a producer to sell its entire production or output to a buyer.
requirements contract
contract in which the buyer buys its needs (requirements) from the seller.
statute of frauds
statute that, to prevent fraud through the use of perjured testimony, requires that certain kinds of contracts be in writing to be binding or enforceable.
unconscionable
unreasonable, not guided or restrained by conscience and often referring to a contract grossly unfair to one party because of the superior bargaining powers of the other party.
usage of trade
language and customs of an industry.
anticipatory repudiation
repudiation made in advance of the time for performance of the contract obligations.
commercial impracticability
situation that occurs when costs of performance rise suddenly and performance of a contract will result in a substantial loss.
commercial unit
standard of the trade for shipment or packaging of a good.
good faith
absence of knowledge of any defects or problems.
repudiation
result of a buyer or seller refusing to perform the contract as stated.
right to cure
second chance for a seller to make a proper tender of conforming goods.
seasonable
timely.
substantial impairment
material defect in a good.
breach
failure to act or perform in the manner called for in a contract.
consequential damages
damages the buyer experiences as a result of the seller’s breach with respect to a third party.
incidental damages
incurred by the nonbreaching party as part of the process of trying to cover (buy substitute goods) or sell (selling subject matter of contract to another); includes storage fees, commissions, and the like.
liquidated damages
provision stipulating the amount of damages to be paid in the event of default or breach of contract.
secured transaction
credit sale of goods or a secured loan that provides special protection for the creditor.
statute of limitations
statute that restricts the period of time within which an action may be brought.
abstract of title
history of the transfers of title to a given piece of land, briefly stating the parties to and the effect of all deeds, wills, and judicial proceedings relating to the land.
adjustable rate mortgage (ARM)
mortgage with variable financing charges over the life of the loan.
adverse possession
hostile possession of real estate, which when actual, visible, notorious, exclusive, and continued for the required time, will vest the title to the land in the person in such adverse possession.
assumption
mortgage transfers in which the transferee and mortgagor are liable and the property is subject to foreclosure by the mortgagee if payments are not made.
attractive nuisance doctrine
a rule imposing liability upon a landowner for injuries sustained by small children playing on the land when the landowner permits a condition to exist or maintains equipment that a reasonable person should realize would attract small children who could not realize the danger. The rule does not apply if an unreasonable burden would be imposed upon the landowner in taking steps to protect the children.
condominium
combination of co–ownership and individual ownership.
cooperative
group of two or more persons or enterprises that acts through a common agent with respect to a common objective, such as buying or selling.
covenant against encumbrances
guarantee that conveyed land is not subject to any right or interest of a third person.
covenant of further assurances
promise that the grantor of an interest in land will execute any additional documents required to perfect the title of the grantee.
covenant of quiet enjoyment
covenant by the grantor of an interest in land that the grantee’ possession of the land shall not be disturbed.
covenant of right to convey
guarantee that the grantor of an interest in land, if not the owner, has the right or authority to make the conveyance to a new owner.
covenant of seisin
guarantee that the grantor of an interest in land owns the estate conveyed to a new owner.
covenants of title
grantor’ covenants of a deed that guarantee such matters as the right to make the conveyance, to ownership of the property, to freedom of the property from encumbrances, or that the grantee will not be disturbed in the quiet enjoyment of the land.
deed
an instrument by which the grantor (owner of land) conveys or transfers the title to a grantee.
dominant tenement
land that is benefited by an easement.
easement
permanent right that one has in the land of another, as the right to cross another’s land or an easement of way.
easement by implication
easement not specifically created by deed that arises from the circumstances of the parties and the land location and access.
eminent domain
power of government and certain kinds of corporations to take private property against the objection of the owner, provided the taking is for a public purpose and just compensation is made for it.
estate in fee
largest estate possible, in which the owner has absolute and entire interest in the land.
fee simple defeasibles
fee simple interest can be lost if restrictions on its use are violated.
fee simple estate
highest level of land ownership; full interest of unlimited duration.
fixture
personal property that has become so attached to or adapted to real estate that it has lost its character as personal property and is part of the real estate.
foreclosure
procedure for enforcing a mortgage resulting in the public sale of the mortgaged property and, less commonly, in merely barring the right of the mortgagor to redeem the property from the mortgage.
grantee
new owner of a land conveyance.
grantor
owner who transfers or conveys an interest in land to a new owner.
invitee
person who enters another’s land by invitation.
judgment lien
lien by a creditor who has won a verdict against the landowner in court.
land
earth, including all things embedded in or attached thereto, whether naturally or by the act of humans.
leasehold estate
interest of a tenant in rented land.
license
personal privilege to do some act or series of acts upon the land of another, as the placing of a sign thereon, not amounting to an easement or a right of possession.
licensee
someone on another’s premises with the permission of the occupier, whose duty is to warn the licensee of nonobvious dangers.
lien
claim or right, against property, existing by virtue of the entry of a judgment against its owner or by the entry of a judgment and a levy thereunder on the property, or because of the relationship of the claimant
life estate
an estate for the duration of a life.
limited covenant
any covenant that does not provide the complete protection of a full covenant.
mechanic’s lien
protection afforded by statute to various kinds of laborers and persons supplying materials, by giving them a lien on the building and land that has been improved or added to by them.
mortgage
interest in land given by the owner to a creditor as security for the payment of the creditor for a debt, the nature of the interest depending upon the law of the state where the land is located. (Parties— mortgagor, mortgagee)
notice statute
statute under which the last good faith or bona fide purchaser holds the title.
notice–race statute
statute under which the first bona fide purchaser to record the deed holds the title.
possibility of reverter
nature of the interest held by the grantor after conveying land outright but subject to a condition or provision that may cause the grantee’s interest to become forfeited and the interest to revert to the grantor or heirs.
prescription
acquisition of a right to use the land of another, as an easement, by making hostile, visible, and notorious use of the land, continuing for the period specified by the local law.
profit
right to take a part of the soil or produce of another’s land, such as timber or water.
quitclaim deed
deed by which the grantor purports to give up only whatever right or title the grantor may have in the property without specifying or warranting transfer of any particular interest.
race statute
statute under which the first party to record the deed holds the title.
race–notice statute
see notice– race statute.
real property
land and all rights in land.
recorder
public official in charge of deeds.
redemption
buying back of one’ property, which has been sold because of a default, upon paying the amount that had been originally due together with interest and costs.
remainder interest
land interest that follows a life estate.
reverse mortgage
mortgage in which the owners get their equity out of their home over a period of time and return the house to the lender upon their deaths.
run with the land
concept that certain covenants in a deed to land are deemed to run or pass with the land so that whoever owns the land is bound by or entitled to the benefit of the covenants.
servient tenement
land that is subject to an easement.
stay of foreclosure
delay of foreclosure obtained by the mortgagor to prevent undue hardship.
tax lien
lien on property by a government agency for nonpayment of taxes.
transferee
buyer or vendee.
trespass
an unauthorized action with respect to person or property.
warranty deed
deed by which the grantor conveys a specific estate or interest to the grantee and makes one or more of the covenants of title.
warranty of title
implied warranty that title to the goods is good and transfer is proper.
way of necessity
grantee’s right to use land retained by the grantor for going to and from the conveyed land.