Chapter 12

Question 0

price

Answer 0

consideration for a sale or contract to sell goods

Question 1

sale

Answer 1

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

Question 2

barter

Answer 2

exchanging goods for goods

Question 3

goods

Answer 3

tangible (touchable), movable, personal property

Question 4

merchant

Answer 4

someone who deals regularly in the exchange of goods or claims special knowledge in the sales transaction being conducted

Question 5

bill of sale

Answer 5

receipt that is written evidence of the transfer of goods

Question 6

casual seller

Answer 6

doesn’t qualify as merchants

Question 7

payment

Answer 7

occurs when the buyer transfers the agreed upon payment (consideration) and the seller accepts it

Question 8

ownership

Answer 8

entails a collection of rights that the buyer is allowed the use and enjoyment of the property

Question 9

vendee

Answer 9

the buyer or the purchaser

Question 10

delivery

Answer 10

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

Question 11

vendor

Answer 11

the seller in both sales or goods and contract to sell

Question 12

contract to sell

Answer 12

transfer of ownership takes place in the future

Question 13

receipt of goods

Answer 13

buyer takes physical possession or control

Question 14

unconscionable

Answer 14

grossly unfair