Chapter 15 Flashcards
A contract for the sale of goods
Sales Contract
The passing of title to property from the seller to the buyer for a price
Sale
Property that has physical existence and can be distinguished by the senses of touch and sight
Tangible Property
Property that cannot be seen or touched but exists only conceptually, such as corporate stocks; not governed by article 2
Intangible Property
Under article 2A of the UCC, a transfer of the right to possess and use goods for a period of time in exchange for payment
Lease
An agreement in which one person agrees to transfer the right to the possession and use of property to another person in exchange for rental payments
Lease Agreement
A person who transfers the right to the possession and use of goods to another in exchange for rental payments
Lessor
A person who acquires the right to the possession and use of another’s goods in exchange for rental payments
Lessee
An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires
Requirements Contract
An agreement in which a seller agrees to sell and a buyer agree to buy all or up to a stated amount of what the seller produces
Output Contract
Goods that are alike by physical nature, agreement, or trade usage
Fungible Goods
A condition in which a person cannot pay his or her debts as they become due or ceases to pay debts in the ordinary course of business
Insolvent
