Chapter 13-15 vocabulary (12-14)

Immediate transfer of ownership of goods from a seller to a buyer for a price

Sale

Consideration for a sale or a contract to sell

Price

An exchange of goods for goods

Barter

Tangible, movable, personal property

Goods

Label for a seller who claims special knowledge in a certain type of sales transaction

Merchant

Receipt showing evidence of a transfer of ownership of goods

Bill of sale

Seller who does not meet the definition of a merchant

Casual seller

Buyer transfers the agreed-upon consideration and the seller accepts it

Payment

Collection of rights that allow the use and enjoyment of property

Ownership

A Purchaser is…?

Venndee

The act by which the subject matter of the contract is placed within the possession or control of the buyer

Delivery

Completed sale in which the buyer has an option of returning the goods

Sale of return

Goods that are not both existing and identified

Future goods

Goods specifically earmarked for a particular sales contract

Identifyed goods

To place the goods at the buyer’s disposal

Tender of delivery

Sale that, by agreement, calls for payment for the goods at a later date

Credit sales

Public sale to the highest bidder

Auction

Collect on delivery

COD

Innocent third party to a fraudulent transfer of goods who gives value and acquires rights in the goods

Good faith purchaser

The transfer, generally by sale, of all or a major part of the goods of a business in one unit at one time

Bulk transfer

Goods delivered to the buyer “on trial,” or “on satisfaction”

Sale on approval

Notice of exclusion of warranty

Disclaimer

Permits a party to a contract to recover money or property (or the value thereof) given to the other party.

Restitution

Individual who buys primarily for personal, family, or household use

Consumer

Greatly exaggerated sales talk

Puffing

Let the buyer beware

Caveat emptor

Let the seller beware

Caveat venditor

Obligation implicitly imposed on all sellers

Implied warranty

Dishonest, fraudulent, or anti-competitive business method

Unfair trade pracice

Lawsuit made possible by the procedural joining of similarly situated plaintiffs

Class action

Explicit assurance of quality or performance by seller

Express warranty

Affixing of responsibility to compensate buyers, users, and others for injuries caused by a defective product.

Product liability

Claims of third parties against property, for example, for an unpaid balance

Encumbrances

The relationship that exists between or among the contracting parties as a result of their legally binding agreement

Privity of contract