Unit 5 - Chapter 23

Question 1

_______ is the legal foundation for every sale of goods transaction

Answer 1

contract of sale

Question 2

______ is personal property in its tangible portable form, as well as items attached to land that can be severed

Answer 2

sale of goods

Question 3

money/ownership is exchanged in a ____

Answer 3

sale

Question 4

______ Act protects buyers by implementing terms into a contract for the sale of goods

Answer 4

Sale of Goods

–> gives buyers remedies depending on the type of terms breached

Question 5

A breach of an implied ____ allows the innocent party either to reject the goods and terminate the contract or to sue for damages, or both

Answer 5

condition

–> major term

Question 6

Breach of an implied ___ allows the innocent party to sue for damages or ask the court to reduce the purchase price, but not to end the contract

Answer 6

warranty

–> minor term

Question 7

The ________ is a compromise agreed to by many nations and encompassing aspects of many different legal systems
(hint: CISG)

Answer 7

Convention on the International Sales of Goods

Question 8

______ document, serves as contract between seller and carrier

Answer 8

Bill of Lading

Question 9

______ is the right of seller to demand goods be returned if the buyer cannot pay

Answer 9

stoppage in transit

Question 10

_____ Act sets out a series of rules that determine when title changes in the absence of terms in the contract

Answer 10

Sales of Goods

Question 11

What are the legal issues created by the shipping of goods?

Answer 11

key issues are the responsibility for the costs related to shipping and the risk of loss during shipping. The latter relates to the transfer of title to the goods

Question 12

Damages to which a seller is entitled if a buyer refuses to accept goods prior to title shifting

Answer 12

damages for non-acceptance

Question 13

_______ is the seller’s claim when the title to the goods has shifted to the buyer

Answer 13

action for the price