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Business Law Ch 13

Business Law with UCC Applications Ch 13

QuestionAnswer
Bill of Sale A written statement evidencing the transfer of personal property from one person to another.
c.f. Cost and freight. Terms instructing a carrier to collect the cost of goods shipped and freight charges.
c.i.f. Cost, insurance, and freight. Terms instructing a carrier to collect the cost of goods shipped, insurance, and freight charges.
c.o.d. Cash on delivery. Instructs a carrier to retain goods until he or she has collected the cost of the goods.
Destination Contract A contract under which the seller is required to deliver goods to a place of destination. The title and risk of loss remain with the seller until the goods reach the place of destination.
Document of Title A paper that serves as evidence that the person holding the paper has title to the goods mentioned in the document.
f.a.s. vessel Free alongside vessel. Indicates that the seller must deliver goods, at the seller's own risk, alongside the vessel or at a dock designated by the buyer.
f.o.b. Free on board.
f.o.b. the place of destination Terms indicating that goods will be delivered free to the place of destination.
f.o.b. the place of shipment Terms indicating that goods will be delivered free to the place of shipment.
Fungible Goods Goods of which any unit is, by nature or usage of trade, the equivalent of any unit; wheat, flour, sugar, and liquids of various kinds are examples.
Identified Goods Specific goods that are selected as the subject matter of a contract.
Insurable Interest The financial interest that a policyholder has in the person or property that is insured.
Sale on Approval A conditional sale that becomes absolute only if the buyer approves or is satisfied with the article being sold.
Sale or Return A sale in which the buyer takes title to goods with the right to revest title in the seller after a specific period or reasonable time.
Shipment Contract A contract under which a seller turns goods over to a carrier for delivery to a buyer. Both the title and risk of loss pass to the buyer when the goods are given to the carrier.
Tender To offer to turn goods over to a buyer.
Title The right of ownership to goods. Also, a subdivision of a code containing all the statutes that deal with a particular area of law.
Void Title No title at all.
Voidable Title Title that may be voided if one of the parties elects to do so.
Auction with Reserve An auction at which the auctioneer has the right to withdraw goods and not sell them if acceptable bids are not made.
Auction without Reserve An auction at which the auctioneer cannot withdraw goods unless no bid is made within a reasonable time.
Firm Offer A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods.
Output Contract An agreement in which a seller agrees to sell "all the goods we manufacture" or "all the crops we produce" to a particular buyer. (See also Requirements Contract.)
Requirements Contract An agreement in which one party agrees to purchase all of his or her requirements of a particular product from another party. (See also Output Contract.)
Conforming Goods Goods that are in accordance with the obligations under the contract.
Convention on Contracts for the International Sale of Goods (CISG) A United Nation treaty designed to govern commercial transactions between parties whose places of business are in different countries.
Future Goods Goods that are not yet in existence or under the control of people; they include fish in the sea, minerals in the ground, goods, not yet manufactured, and commodities futures.
Goods All things (other than money, stock, and bonds) that are movable.
Merchant A person who deals in goods of the kind sold in the ordinary course of business or who otherwise claims to have knowledge or skills peculiar to those goods.
Nonconforming Goods Goods that are not the same as those called for under a contract or that are in some way defective.
Open-price terms A contract for the sale of goods that is established even though the price is not settled.
Usage of Trade Any method of dealing that is commonly used in the particular field.
Valid Title A contract that is legally binding and fully enforceable by the contract.
Created by: dengler
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