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Bus Law Chapter 11

TermDefinition
sales contract contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price
sale passing of title to property from the seller to the buyer for a price
tangible property property that has physical existence and can be distinguished by the sense of touch and sight
predominant factor test test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services
lease transfer of the right to possess and use goods for a period of time in exchange for payment
firm offer an offer of consideration for a stated period of time or for a reasonable time and must be in writing
conforming goods goods that conform to contract specifications
tender of delivery a seller or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving whatever notification is reasonably necessary to enable the buyer to take the delivery
perfect tender rule rule under which a seller or lessor is required to deliver goods that conform perfectly to the requirements of the contract
cure the right of a party who tenders nonconforming performance to correct that performance within the contract period
cover remedy that allows the buyer to obtain the goods upon a breach in good faith and within a reasonable time from another seller and substitute them for the goods due under the contract
express warranty seller's oral or written promise as to quality, description, or performance of the goods being sold or leased
implied warranty warranty that the law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties
product of liability the legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damage that are caused by the goods
Created by: jennafarnsworth