16-19 Sales

Question 1

Movable tangible personal property

Answer 1

Goods

Question 2

A person who deals in goods of the kind, or otherwise by occupation is considered to have knowledge or skill peculiar to the practices or goods involved in the transaction

Answer 2

Merchant

Question 3

All physical items except real estate

Answer 3

Movable personal property

Question 4

Land and things permanently attached to the land

Answer 4

Real property

Question 5

Evidences of ownership of rights or values

Answer 5

Intangible personal property

Question 6

The transfer of title to goods from the seller to the buyer for a consideration called the price

Answer 6

Sale

Question 7

A seller agrees to transfer title to goods to a buyer for a consideration (price), at a future time

Answer 7

Contract to sell

Question 8

Evidence of ownership of property

Answer 8

Title

Question 9

That consideration stipulated by contract, generally expressed in money or money’s worth

Answer 9

Price

Question 10

Those goods which are, at the time of the contract, in existence and owned by the seller

Answer 10

Existing goods

Question 11

• the goods specified by the buyer and seller
• goods picked to be delivered to the buyer

Answer 11

Identified goods

Question 12

Those goods which are not in existence nor identified at the time a contract is agreed to

Answer 12

Future goods

Question 13

• a document of conveyance which provides written evidence of one’s title to tangible personal property
• written evidence of title transfership of tangible personal property

Answer 13

Bill of sale

Question 14

Recognized as the most important state in business law, it includes provisions which regulate certain sales of goods and negotiable instruments

Answer 14

Uniform Commercial Code

Question 15

The contracting of services rather than goods

Answer 15

Service contracts

Question 16

A contract which involves such personal knowledge, skills, or confidence that it can only be performed by the person with whom it is made

Answer 16

Personal service contract

Question 17

Taking possession of goods

Answer 17

Receipt

Question 18

Document of title issued by storage company for goods stored

Answer 18

Warehouse receipt

Question 19

• an agreement to an offer resulting in a contract
• drawee’s signed agreement to pay draft

Answer 19

Acceptance

Question 20

Fact acknowledged in the course of legal proceedings

Answer 20

Judicial admission

Question 21

Specially made goods not easily resellable

Answer 21

Nonresellable goods

Question 22

Sale of property or goods to the highest bidder, or the bidder’s agent, translated orally

Answer 22

Auction

Question 23

Person who makes an offer at an auction

Answer 23

Bidder

Question 24

Auction goods may not be withdrawn after bidding starts

Answer 24

Without reserve

Question 25

Auction goods may be withdrawn after bidding starts

Answer 25

With reserve

Question 26

Evidence of ownership of property

Answer 26

Title

Question 27

Interest in the nonoccurrence of the risk insured against

Answer 27

Insurable interest

Question 28

Agreement making seller liable until goods delivered to carrier

Answer 28

Shipment contract

Question 29

Sales contract in which seller is liable until the goods are delivered to the destination

Answer 29

Destination contract

Question 30

Designed point to which seller bears risk and expense of delivery

Answer 30

Free on board (FOB)

Question 31

International commercial terms

Answer 31

Incoterms

Question 32

Goods of a homogeneous nature sold by weight or measure

Answer 32

Fungible goods

Question 33

Sale that is to completed until buyer approves goods

Answer 33

Sale on approval

Question 34

Completed sale with the right to return goods

Answer 34

Sale or return

Question 35

Quantity regarded as separate unit

Answer 35

Commercial unit

Question 36

Transfer of possession of personal goods for purpose of sale

Answer 36

Consignment

Question 37

- occurs when one party leads the second to a false conclusion that the second party relies on - the second part would be harmed if the first party were later allowed to show the conclusion was false

Answer 37

Estoppel

Question 38

Document that shows ownership

Answer 38

Documents of title

Question 39

Payment that is more than twice the monthly installment payment

Answer 39

Balloon payment

Question 40

Total dollar amount borrower paid for credit

Answer 40

Finance charge

Question 41

Amount charge for a loan as a percentage of the loan

Answer 41

Annual percentage rate (APR)

Question 42

- guarantees made by a seller that an article, good, or service will conform to a certain standard or will operate in a certain manner - assurance article conforms to a standard - statement of insured that relates to risk and appears in an insurance contract

Answer 42

Warranty

Question 43

The actual and definite statement of a seller, either orally or in writing, at the time of the sale, guaranteeing a standard or level of performance

Answer 43

Express warranty

Question 44

A warranty imposed by law, arising automatically because the sale has been made

Answer 44

Implied warranty

Question 45

Warranty with unlimited duration of implied warranties, with an agreement to remedy any defects in products

Answer 45

Full warranty

Question 46

Written warranty that is not a full warranty

Answer 46

Limited warranty

Question 47

Information or knowledge the law assumes everyone knows

Answer 47

Constructive notice

Question 48

Portion of a whole mass that is the subject of transaction

Answer 48

Sample

Question 49

Replica of an article

Answer 49

Model

Question 50

Let the buyer beware

Answer 50

Caveat emptor

Question 51

Relationship between contracting parties

Answer 51

Privity of contract

Question 52

Price stated per unit of measurement

Answer 52

Unit pricing