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Legal Environment

Chapter 13

TermDefinition
Conforming Goods Goods that conform to contract specifications.
Cover A remedy that allows the buyer or lessee, on the seller’s or lessor’s breach, to purchase or lease the goods from another seller or lessor and substitute them for the goods due under the contract.
Cure The right of a party who tenders nonconforming performance to correct that performance within the contract period.
Express Warranty A seller’s or lessor’s oral or written promise, ancillary to an underlying sales or lease agreement, as to the quality, description, or performance of the goods being sold or leased.
Firm Offer An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time (not to exceed three months). A firm offer by a merchant must be in writing and must be signed by the offeror.
Implied Warranty A warranty that the law derives from either the situation of the parties or the nature of the transaction.
Implied Warranty of Fitness for a Particular Purpose A warranty that arises when a seller knows the particular purpose for which a buyer will use the goods and knows that the buyer is relying on his or her skill and judgment to select suitable goods.
Implied Warranty of Merchantability A warranty by a merchant seller or lessor of goods that the goods are reasonably fit for the general purpose for which they are sold or leased.
Installment Contract A contract in which payments due are made periodically.
Lease Under Article 2A of the UCC, a transfer of the right to possess and use goods for a period of time in exchange for payment.
Lessee A person who acquires the right to the possession and use of another’s goods in exchange for rental payments.
Lessor A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
Merchant A person who is engaged in the purchase and sale of goods.
Perfect Tender Rule A rule under which a seller or lessor is required to deliver goods that conform perfectly to the requirements of the contract.
Sale The passing of title to property from the seller to the buyer for a price.
Sales Contract A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
Seasonably Within a specified time period or, if no period is specified, within a reasonable time.
Tangible Property Property that has physical existence and can be distinguished by the senses of touch and sight.
Tender of Delivery A seller’s or lessor’s act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessee whatever notification is reasonably necessary to enable the buyer or lessee to take delivery.
Created by: mjgraham237
 

 



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