Ch. 13-1 and 13-2

sale

contract in which ownership of the goods transfers from the seller to a buyer for a price

ownership

right to hold the title, possess, use, enjoy, profit from, waste, and destroy the subject property.

ownership exception

can’t light property on fire (arson)

contract to sell

transfer of ownership is to take place in future

goods

tangible, movable items of personal property

price

consideration for a sale or contract to sell goods

barter

exchange of goods for goods

vendor

seller

vendee

buyer

payment

occurs when the buyer transfers the agreed upon price and the seller accepts it

delivery

subject matter of the contract is placed within the possession or control of the buyer

receipt of goods

buyer takes physical possession or control of the goods

bill of sale

receipt that serves as written evidence of the transfer of ownership of goods. makes resale easier because there is written evidence of ownership

Uniform Commerical Code (UCC)

governs the sale of goods and contracts to sell goods in the future

by UCC definition, goods do NOT include

Money (except rare currency or rare coins)

Intangible personal property

Patents, Copyrights, Trademarks (exclusive rights granted by gov)

Real Property (land, buildings)