week 5 (12 13 14) Flashcards Preview

PIMS - Business law > week 5 (12 13 14) > Flashcards

Flashcards in week 5 (12 13 14) Deck (50)
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1

a contract to sell goods at a future time

contract to sell

2

goods which are (at time of contract) in existence and owned by the seller

existing goods

3

goods NOT in existence or not yet owned by the seller at the time the contract was created

future goods

4

moveable, tangible, personal property

goods

5

personal property that lacks a physical presence

intangible personal property

6

all property which is not real property

personal property

7

the consideration stipulated by contract, generally expressed in money

price

8

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

sale

9

a contract whose subject matter predominately involves services

service contracts

10

model that includes provisions concerning certain sales of goods and negotiable instruments

Uniform Commercial Code

11

the contract existing between the cosignor and the carrier

bill of lading

12

a document that conveys or evidences of title to tangible personal property

bill of sale

13

one who receives goods shipped by common carrier

cosignee

14

one who ships goods by common carrier

consignor

15

a person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transactions

merchant

16

the actual and definite statement of a seller either verbally or in writing at the time of the sale

express warranties

17

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

implied warranties

18

a strict liability theory of tort that allows recovery against everyone in the chain of distribution that places an unsafe product in the economy. also used to describe legal actions brought on theories of breach of contract and negligence that concern defective products

product liability

19

an implied warranty, arising when the seller is a merchant that the goods described in the contract and provided to the buyer are of a quality that will normally pass without objection in the trade or industry

warranty of merchantability

20

guaranties made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner

warranties

21

special type of contract (1)

-article 2- sales contract

22

common law of article 2

-sales of interest in real property
-personal service contracts
-intangible personal property

23

UCC doesn't talk about consideration but talks about

price

24

performance of sales contract (3)

1. tender goods
-receipt; inspection
-conforming goods
-nonconforming goods
2. acceptance/rejection
3. perfect tender rule

25

acceptance for performance of sales contract

1. acceptance
-express, reasonable time. inconsistent act
2. rejection
-sellers right to cure, buyers right to cover
-rightful rejection, buyers right to cover
-wrongful rejection; particularized rejection, sellers right to cure

26

ownership, evidence of ownership of property

title

27

documents of title (3)

1. title of real property - deed
2. title of automobile ; title
3., personal property ; bill of sale
-document conveys or evidences title

28

common law rule

1. the party with title bears the risk of loss
-concerned damage done to the goods
-party with risk of loss must
-pay seller for damaged goods if risk on buyer
-sustitute new goods if risk on seller

29

problem with common law rule

1. determining when title transfers

30

ucc solution with common law rule

1. in shipping contracts use the bill of lading
-B.O.L contract existing between the consignor and carrier
-consgnor and consignee
-B.O.L may state when the risk of loss passes
-B.O.L doesn't state when risk of loss passes use the FOB terms (free on board)