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Chapter 14 Personal Law
Terms in this set (14)
good faith purchase
a purchaser who gives value for an asset in good faith and without knowledge of adverse claims called also good faith purchaser for value.
These differ from FUTURE GOODS, which are goods to be manufactured or acquired by the seller after the contract is made. Whether goods are existing or future goods is of importance in matters such as the passing of property and risk and whether the bargain relating to them is a contract of sale or an agreement to sell
A promise or assurance of the quality of a product. Term. Identified goods. Definition. Goods that have been specifically designated as the subject matter of a particular sales contract.
"Fault" means wrongful act or default. "Future goods" means goods to be manufactured or acquired by the seller after the making of the contract of sale. "Goods" include all chattels personal other than things in action and money.
tender of delivery
Tender of delivery refers to an offer of goods by a seller to a buyer by putting or holding them at the disposition of the buyer and giving the buyer some notification reasonably necessary for taking delivery.
"FOB port" means that the seller pays for transportation of the goods to the port of shipment, plus loading costs.
is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.
A sale in which the full amount will be made in one payment some time in the future or in smaller regular payments over a period of time.
Cash On Delivery"
sale or return
If a shop buys something on a sale or return basis, it can return the goods it is unable to sell.
sale of approval
A transaction (usually involving goods) in which the buyer is permitted to use goods for a period, and then return them if they do not meet the buyer's needs or expectation, even though the goods are not defective.
sale of an undivided interest
where each co-owner has unrestricted claim to all the assets or the entire property but no co-owner has exclusive claim to any single asset or part of the property
a public sale in which goods or property are sold to the highest bidder.
is when a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.
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