article 2 UCC Flashcards
what is fungible goods
mixed goods
what does article 2 UCC cover?
the sale of goods
what is identified goods
have insurable interest
what is future goods?
no insurable interest; goods that exist physically but are not owned by the seller and goods that have not yet been produced.
FOB shipment
(Free on board) contract that requires the seller to arrange for shipment only.
FOB destination
shipping contract that requires seller to deliver goods to the buyer.
CIF
cost, insurance and freight; seller must get the goods to a carrier and buy insurance policy in the buyers name to cover the goods while in transit.
CF
cost and freight; the seller gets the goods to a carrier, and the cost of shipping the goods is included in the contract price.
COD
cash on delivery; a payment term that requires the buyer to pay in order to gain physical possession of goods
where is the place on delivery
silent on delivery; sellers place of interest.
what are the obligations of parties
tells you when payment is due? **
