g1 identification Flashcards
What is the term for a contract where a buyer pays for goods in installments over time?
Sales on credit
It refers to the item being sold in a sales transaction
Subject Matter
What is the right of a co-owner to redeem a sold share from a third party?
Legal Redemption by Co-owners
This characteristic of a sale means that both parties have reciprocal obligations.
Bilateral Contract
This transaction involves the exchange of goods or services without using money.
Barter
In a pacto de retro sale, what do you call the seller who has the right to repurchase?
Vendor a Retro
What is the term for a sale where the vendor reserves the right to buy back the property sold?
Conventional Redemption
This is the most formal method of forming a contract of sale, ensuring clarity and reducing disputes.
In Writing
In this transaction, a debtor assigns all assets to creditors so they may sell them and satisfy outstanding obligations.
Payment by Cession
This contract is independent and does not rely on another agreement for its validity.
Principal Contract
A remedy for an unpaid seller where the seller can sue the buyer to recover the agreed-upon price of the goods that were sold but not yet paid for.
Action for price exercised
A remedy for an unpaid seller where it is a legal right that allows a seller to retain possession of the goods sold until the buyer makes payment for the goods.
Possessory Lien
It assures the buyer that the goods or service is free from defects, and it is a legally binding commitment.
Warranty
Type of warranty that is not explicitly stated by the seller but is automatically applied by law to protect consumers.
Warranty of Merchantability
Type of warranty that assures the buyer that the product will perform as expected for the specific use intended, even if it is not explicitly stated in the sales agreement.
Warranty of Fitness for a Particular purpose
A legal remedy where the consumer can demand a new unit that is free from the defects plaguing the initial purchase.
Replacement
A legal remedy where the consumer may also opt for a complete _____ of the purchase price.
refund
It is defined as a transaction involving the transfer of goods, services, funds, property or rights, thereby creating an obligation on the part of those who receive them, that must be complied with in the future.
credit
Characteristics of Sale where it stands independently and does not rely on another agreement for its validity.
principal contract
The conditions under which the sale on credit occurs.
credit terms
