Core Concepts

Contract of sale

Agreement where the seller undertakes to transfer ownership (or give permanent undisturbed possession) in exchange for a price

Determined

The exact object sold is specifically identified (e.g. "this car, reg XYZ").

Determinable

The object isn't individually identified, but the contract gives enough info to work out what's sold (e.g. "a ton of my corn").

Personal right

A right to demand performance from another person (e.g. the buyer's right to demand delivery).

Real right

A right relating directly to a thing itself (e.g. ownership).

Perfecta (sale)

A sale is unconditional, price is fixed, and the exact thing is identified. Risk passes to the buyer once perfecta.

Risk

Accidental loss, destruction, or deterioration of goods; passes to the buyer once the sale is perfecta, even before delivery.