6.01 Understand sales and consumer law – Flashcards
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Auction
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Buyer bids on item
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Barter
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exchange of goods.
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Bulk Transfer
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All or a major part of a business is sold.
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Cash and Carry Sales
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Pay cash and take immediate delivery
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COD Sales
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Collect on delivery
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Delivery
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Buyer possesses or has control of the item
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Existing Goods
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Goods that physically exist and are owned by the seller
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Future Goods
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Contract and not a sale - under UCC, cannot own future goods
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Goods
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tangible, moveable items of personal property.
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Identified Goods
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Designated for a sale
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Ownership
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right to hold the title, possess, use, enjoy, profit from, waste, and even destroy.
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Payment
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Buyer pays for the item
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Price
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consideration for a sale
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Receipt of Goods
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Buyer takes physical possession
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Sale
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contract in which ownership transfers.
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Sale of an Undivided Interest
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Buyer owns a portion of the item
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Sale on Approval
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Buyer has goods on a trial basis
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Sale or Return
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Buyer has the option to return the goods
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Sales on Credit
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Payment at a later date
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Statute of Frauds
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requires certain contracts to be in writing.
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Tender of delivery
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Seller notifies buyer of item being available.
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Unconscionable contract
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so grossly unfair that the courts will refuse to enforce it.
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Uniform Commercial Code (UCC)
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Body of laws governing commercial transactions in the United States.
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Vendee
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buyer
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Vendor
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seller
