Chapter 12 Sales Contracts

Question 0

Ownership

Answer 0

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

Question 1

Sale

Answer 1

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

Question 2

Contract to Sell

Answer 2

Transfer of ownership takes place in the future

Question 3

Price

Answer 3

Consideration for a sale or contract to sell goods

Question 4

Barter

Answer 4

Exchanging goods for goods

Question 5

Goods

Answer 5

Tangible (touchable), moveable, personal property

Question 6

UCC Definition: Goods to not include

Answer 6

Money
Intangible personal property
Patents & copyrights
Land & other forms of real property

Question 7

Vendor

Answer 7

The seller or company in both sales of goods and contracts to sell

Question 8

Vendee

Answer 8

The buyer or the purchaser

Question 9

Payment

Answer 9

Occurs when the buyer transfer the agreed upon payment (consideration) and the seller accepts it

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

Receipt of Goods

Answer 11

Buyer takes physical possessions or control of goods

Question 12

Statue of Fraud

Answer 12

Bill is not absolute proof of ownership because the person may have acquired claims against the goods since the bill of sale was issued

Question 13

Bill of Sale

Answer 13

A receipt that is written evidence of the transfers of ownership of goods

Question 14

Use of Credit

Answer 14

Buyer may get both title and possession before payment when a credit card or installment plan purchase is made

Question 15

Unconscionable

Answer 15

Grossly unfair terms may not be criminal nor violate a statue, but are unethical

Question 16

Merchant

Answer 16

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

Question 17

Casual Seller

Answer 17

Do not qualify as a merchant

Question 18

Acceptance of Goods

Answer 18

Acceptance is shown when goods are used, resold, or treated as if they were owned by the buyer

Question 19

Contract of Adhesion

Answer 19

Contract where the more powerful party dictates all the important terms.

Question 20

Material

Answer 20

Included in the contract only if the original offeror expressly shows an intention to be bound by it

Question 21

Sales Contract

Answer 21

Are generally valid and enforced in court whether they are oral, written, or implied from the conduct of parties

Question 22

Statue of Fraud

Answer 22

The law required a signature of the person being sued, all sales over $500 be in written to be enforced, between merchants the signature of the party who is suing maybe enough to prove an otherwise enforceable sales in contract, oral contracts for the sale of goods priced at $500 or more maybe valid and enforceable