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Business Law Ch 16

Business Law with UCC Applications Ch 16

QuestionAnswer
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 auctineer cannot withdraw goods unless no bid is made within a reasonable time.
Conforming Goods Goods that are in accordance with the obligations under the contract.
Contract for Sale Either a present sale of goods or a contract to sell goods at a future 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
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.
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.
Requirements COntract An agreement in which one party agrees to purchase all of his or her requirments of a particular product from another party.
Sale A contract in which ownership of goods is transferred by the seller to the buyer for a price.
Usage of Trade Any method of dealing that is commonly used in the particular field.
Created by: dengler
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