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Ch. 11: Performance of Sales and Lease Contracts
Terms in this set (28)
Identification of goods
distinguishing of the goods named in a contract from the seller's or lessor's other goods
Goods not yet in existence
legal, tangible evidence of ownership of goods.
a contract that requires the seller to ship the goods to the buyer via a common carrier; the buyer bears the risk of loss during transportation; a sales contract that requires the seller to send the goods to the buyer but not to a specifically named destination.
a sales contract that requires the seller to deliver conforming goods to a specific destination; the seller bears the risk of loss during transportation; a contract that requires the seller to deliver the goods either to the buyer's place of business/to another destination specified in the sales contract.
Document of title
an actual piece of paper, e.g. a warehouse receipt/bill of lading, that is required in some transactions of pickup and delivery; a negotiable instrument developed to represent the interests of the different parties in a transaction that uses storage/transportation between the parties; if a document of title is required, title passes when and where the seller delivers the document to the buyer.
free on board; the seller must bear the expense and risk of loss until the goods are put in the carrier's possession.
free alongside; the seller bears the expense and risk of loss until the goods are alongside a named vessel or the dock designated.
cost, insurance, and freight; pricing term indicating the cost for which the seller is responsible; require the seller to bear the expense and the risk of loss of loading the goods on the carrier.
C & F
Cost and Freight; pricing term indicating the cost for which the seller is responsible; require the seller to bear the expense and the risk of loss of loading the goods on the carrier.
FOB place of destination
requires the seller to bear the expense and risk of loss until the goods are tendered to the buyer at the place of destination
Ex-ship (from the carrying vessel)
Requires the seller to bear the expense and risk of loss until the goods are unloaded from the ship at its port of destination.
No-arrival, no-sale contract
requires the seller to bear the expense and risk of loss of the goods during transportation. However, the seller is under no duty to deliver replacement goods to the buyer because there is no contractual stipulation that the goods will arrive at the appointed destination.
a holder of goods who is not a seller or a buyer, e.g. a warehouse or common carrier.
A contract that has not yet been fully performed; with court approval, may be rejected by a debtor in bankruptcy.
Sale on Approval
A type of sale in which there is no actual sale unless and until the buyer accepts the goods.
sale or return contract
A contract that says that the seller delivers goods to a buyer with the understanding that the buyer may return them if they are not used or resold within a stated or reasonable period of time.
an arrangement where a seller (the consignor) delivers goods to a buyer (the consignee) for sale.
A person shipping goods. The bailor.
A person to whom bailed goods are to be delivered.
A thief acquires no title to the goods he or she steals.
title that a purchase has if the goods were obtained by fraud, a check that is later dishonored, or impersonating another person; in the case of a theft, a thief acquires no title to the goods he or she steals.
good faith subsequent lessee
A person to whom a lease interest can be transferred from a person with voidable title. The real owner cannot reclaim the goods from the subsequent lessee until the lease expires.
Good faith purchaser for value
A person to whom good title can be transferred from a person with voidable title. The real owner cannot reclaim goods from a good faith purchaser for value.
a UCC section allowing certain merchants to transfer all rights in goods, including title.
buyer in the ordinary course of business
A person who in good faith and without knowledge of another's ownership or security interest in goods buys the goods in the ordinary course of business from a person in the business of selling goods of that kind.
Article 6 (Bulk Sales)
the section of the UCC that governs when an owner transfers a major part of a business's material, merchandise, inventory, or equipment not in the ordinary course of business.
when an owner transfers a major part of a business's material, merchandise, inventory, or equipment not in the ordinary course of business.
THIS SET IS OFTEN IN FOLDERS WITH...
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OTHER SETS BY THIS CREATOR
Ch. 12: Remedies for Breach of Sales and Lease Con…
Ch. 10: Formation of Sales and Lease Contracts
Ch. 9: E-Contracts and Internet Law