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20 terms

BUS-185 Business Law I, Chapter 17 Title and Risk of Loss in Sales of Goods

Business Law w/UCC Applications
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Bill of sale
A written statement evidencing the transfer of personal property from one person to another. (p. 338)
C.F.
Cost and freight. Terms instructing a carrier to collect the cost of goods shipped and freight charges. (p. 342)
C.I.F.
Cost, insurance, and freight. Terms instructing a carrier to collect the cost of goods shipped, insurance, and freight charges. (p. 342)
C.O.D.
Cash on delivery. Instructs a carrier to retain goods until he or she has collected the costs of the goods. (p. 342)
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. (p. 342)
Document of title
A paper that serves as evidence that the person holding the paper has title to the goods mentioned in the document. (p. 344)
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. (p. 342)
F.O.B.
Free on board. (p. 341)
F.O.B. the place of destination
Terms indicating that goods will be delivered free to the place of destination. (p. 342)
F.O.B. the place of shipment
Terms indicating that goods will be delivered free to the place of shipment. (p. 341)
Fungible goods
Goods of which any unit is, by nature or usage of trade, the equivalent of any like unit; wheat, flour, sugar, and liquids of various kinds are examples. (p. 343)
Identified goods
Specific goods that are selected as the subject matter of a contract. (p. 341)
Insurable interest
The financial interest that a policyholder has in the person or property that is insured. (p. 348)
Sale on approval
A conditional sale that becomes absolute only if the buyer approves or is satisfied with the article being sold. (p. 345)
Sale or return
A sale in which the buyer takes title to goods with the right to revest title in the seller after a specified period or reasonable time. (p. 347)
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. (p. 341)
Tender
To offer to turn goods over to a buyer. (p. 342)
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. (p. 338)
Void title
No title at all. (p. 339)
Voidable title
Title that may be voided if one of the parties elects to do so. (p. 339)