Module 7: Sale of Goods and Consumer Protection Flashcards
caveat emptor
“buyer beware”
bill of lading
a shipping document that serves as a contract between the seller and thecarrier
stoppage in transit
the right of a seller to demand that goods be returned by a shipper to the seller, provided the buyer is insolvent
c.i.f.
cost, insurance, freight - a contractual term for making the seller responsible for insurance and shipping
specific goods
goods that are in existence and identifiable at the time a contract of sale is formed
unascertained goods
goods that are not yet set aside and identifiable as the subject matter of the contract at the time a contract of sale is formed i.e. a television you see on display
future goods
goods that are not yet in existence at the time a contract of sale is performed. i.e. a pre-order for goods that have not been manufactured yet
damages for non-acceptance
damages to which a seller is entitled if a buyer refuses to accept goods prior to the passing of title
action for the price
the seller’s claim when the buyer has breached the contract and title to the goods has passed to the buyer
unfair practices
illegal business practices that exploit the unequal bargaining position of consumers
telemarketing
the use of unsolicited telephone calls to market goods and services to prospective customers
bait and switch
advertising a product at a low price (the bait) to entice customers, then encouraging them to buy another product that is more expensive (the switch)
price fixing
conspiring with competitors to fix the prices charged for goods or services
bid rigging
conspiring to fix the bidding process to suit the collective needs of those submitting bids
abuse of dominant position
a dominant company or group of companies engaging in anticompetitive behaviour that unduly prevents or lessens competition
price maintenance
the attempt to drive the final retail price of goods upward and the imposition of recriminations upon noncompliant retailers’
exclusive dealing
when a seller agrees to sell to the purchaser only if the purchaser buys from it exclusively
tied selling
when a seller will sell to the purchaser only if the purchaser buys other, less desirable goods as well
refusal to deal
when a seller refuses to sell to a purchaser on the same terms as those that are offered to the purchaser’s competitors
