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Business Law Ch 13
Business Law with UCC Applications Ch 13
| Question | Answer |
|---|---|
| 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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