Final Exam Terminology Flashcards
1
Q
Uniform Commercial Code
A
A comprehensive set of laws governing commercial transactions between the US and territories
2
Q
Sale
A
The passing of title from the seller to the buyer for a price
3
Q
Predominant purpose
A
A contract that involves the provision of both sales and service- is the contract predominantly for sale or service?
4
Q
Chattel
A
an article of personal property; any species of property that is not land
5
Q
goods
A
any tangible thing that is movable
6
Q
tangible
A
capable of being touched
7
Q
intangible
A
property that has no intrinsic value in and of itself but represents value (e.g., stock certificate)
8
Q
good faith
A
honesty in fact, the observance of reasonable commercial standards dealing in trade
