Chapter 13 - Sales Contracts
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Created by:
yanhoo1977 on September 28, 2010
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11 terms
Terms | Definitions |
|---|---|
 sale | immediate transfer of ownership of goods from a seller to a buyer for a price |
| price | consideration for a sale or a cotnract to sell |
| barter | an exchange of goods for goods |
| goods | tangible, movable, personal property |
| merchant | label for a seller who claims special knowledge in a certain type of sales transaction |
| bill of sale | receipt showing evidence of a transfer of ownership of goods |
| casual seller | seller who does not meet the definition of a merchant |
| payment | occurs when the buyer transfers the agreed-upon consideration and the seller accepts it |
| ownership | collection of rights that allow the use and enjoyment of property |
| vendee | purchaser |
| delivery | the act by which the subject matter of the contract is placed within the possession or control of the buyer |
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