6.01 Understand sales and consumer law Flashcard
Buyer bids on item
exchange of goods.
All or a major part of a business is sold.
Cash and Carry Sales
Pay cash and take immediate delivery
Collect on delivery
Buyer possesses or has control of the item
Goods that physically exist and are owned by the seller
Contract and not a sale – under UCC, cannot own future goods
tangible, moveable items of personal property.
Designated for a sale
right to hold the title, possess, use, enjoy, profit from, waste, and even destroy.
Buyer pays for the item
consideration for a sale
Receipt of Goods
Buyer takes physical possession
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.
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.