R6 - Sales Flashcards
In a sale or return the _________ has title and risk of loss unless and until the goods are returned to the seller.
Buyer
An affirmation of fact or promise that becomes part of the basis of the bargain creates
An express warranty
Under an F.O.B. destination contract, who has the risk of loss?
The seller does until he places conforming goods into the buyer’s hands at the named destination, not necessarily the buyer’s place of business.
The Statute of Frauds requires contracts involving sales of goods to be in writing if they exceed $500 (MYLEGS). However, these are the exceptions, and an oral contract will be enforceable.
"SWAP" Specially manufactured (custom) goods. Written confirmation between merchants Admission in court Performance
Under the Sales Article of the UCC, a firm offer will be created only if the:
Offer remains open despite the absence of consideration, can be made only by merchants and must be in a signed writing.
The warranty of title is:
A guarantee from the seller that the goods are delivered free of all liens of which the buyer is unaware.
Under the Sales Article of the UCC, in an F.O.B. place of shipment contract, the risk of loss passes to the buyer when the goods:
Are delivered to the carrier.
Under the Sales Article of the UCC, and unless otherwise agreed to, the seller’s obligation to the buyer is to:
Hold conforming goods and give the buyer whatever notification is reasonably necessary to enable the buyer to take delivery.
In a sale on approval, risk of loss passes to the buyer:
Upon approval of the goods.