6.01 Understand sales and consumer law Flashcard

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

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