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B Law Unit 3 Ch 15

TermDefinition
sales contract A contract for the sale of goods.
sale The 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 senses of touch and sight.
intangible property Property that cannot be seen or touched but exists only conceptually, such as corporate stocks. Such property is not governed by Article 2 of the UCC.
predominant-factor test A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
merchant Under the UCC, a person who deals in goods of the kind involved in the sales contract or who holds himself out as having skill or knowledge peculiar to the practices or goods being purchased or sold.
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.
lease agreement An agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) 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.
lessee A person who acquires the right to the possession and use of another’s goods in exchange for rental payments.
requirements contract An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
output contract An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.
firm offer An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or, if no definite period is stated, for a reasonable time (neither period to exceed three months).
seasonably Within a specified time period or, if no period is specified, within a reasonable time.
course of dealing Prior conduct between the parties to a contract that establishes a common basis for their understanding.
usage of trade Any practice or method of dealing that is so regularly observed in a place, vocation, or trade that parties justifiably expect it will be observed in their transaction.
course of performance The conduct that occurs under the terms of a particular agreement, which indicates what the parties to that agreement intended it to mean.
identification In a sale of goods, the express designation of the goods provided for in the contract.
fungible goods Goods that are alike by physical nature, agreement, or trade usage.
shipment contract A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
destination contract A contract for the sale of goods in which the seller is required or authorized to ship goods by carrier and tender delivery at a particular destination; seller assumes liability until tendered at the destination specified in the contract.
document of title A paper exchanged in the regular course of business that evidences the right to possession of goods (for example, a bill of lading or a warehouse receipt).
insolvent A condition in which a person cannot pay his debts as they become due or ceases to pay debts in the ordinary course of business.
good faith purchaser A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
entrustment rule The rule that entrusting goods to a merchant who deals in goods of that kind gives that merchant the power to transfer those goods and all rights to them to a buyer in the ordinary course of business.
bailee Under the UCC, a party who, by a bill of lading, warehouse receipt, or other document of title, acknowledges possession of goods and/or contracts to deliver them.
cure The rights of a party who tenders nonconforming performance to correct his performance within the contract period.
insurable interest A property interest in goods being sold or leased that is sufficiently substantial to permit a party to insure against damage to the goods.
Created by: leighg2011