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PIMS - Business law > week 5 (12 13 14) > Flashcards

week 5 (12 13 14) Flashcards

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1
Q

a contract to sell goods at a future time

A

contract to sell

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2
Q

goods which are (at time of contract) in existence and owned by the seller

A

existing goods

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3
Q

goods NOT in existence or not yet owned by the seller at the time the contract was created

A

future goods

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4
Q

moveable, tangible, personal property

A

goods

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5
Q

personal property that lacks a physical presence

A

intangible personal property

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6
Q

all property which is not real property

A

personal property

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7
Q

the consideration stipulated by contract, generally expressed in money

A

price

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8
Q

the transfer of title to goods from the seller to the buyer for a consideration

A

sale

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9
Q

a contract whose subject matter predominately involves services

A

service contracts

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10
Q

model that includes provisions concerning certain sales of goods and negotiable instruments

A

Uniform Commercial Code

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11
Q

the contract existing between the cosignor and the carrier

A

bill of lading

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12
Q

a document that conveys or evidences of title to tangible personal property

A

bill of sale

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13
Q

one who receives goods shipped by common carrier

A

cosignee

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14
Q

one who ships goods by common carrier

A

consignor

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15
Q

a person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transactions

A

merchant

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16
Q

the actual and definite statement of a seller either verbally or in writing at the time of the sale

A

express warranties

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17
Q

warranties imposed by law, arising automatically because the sale has been made

A

implied warranties

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18
Q

a strict liability theory of tort that allows recovery against everyone in the chain of distribution that places an unsafe product in the economy. also used to describe legal actions brought on theories of breach of contract and negligence that concern defective products

A

product liability

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19
Q

an implied warranty, arising when the seller is a merchant that the goods described in the contract and provided to the buyer are of a quality that will normally pass without objection in the trade or industry

A

warranty of merchantability

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20
Q

guaranties made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner

A

warranties

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21
Q

special type of contract (1)

A

-article 2- sales contract

22
Q

common law of article 2

A
  • sales of interest in real property
  • personal service contracts
  • intangible personal property
23
Q

UCC doesn’t talk about consideration but talks about

A

price

24
Q

performance of sales contract (3)

A
  1. tender goods
    - receipt; inspection
    - conforming goods
    - nonconforming goods
  2. acceptance/rejection
  3. perfect tender rule
25
Q

acceptance for performance of sales contract

A
  1. acceptance
    - express, reasonable time. inconsistent act
  2. rejection
    - sellers right to cure, buyers right to cover
    - rightful rejection, buyers right to cover
    - wrongful rejection; particularized rejection, sellers right to cure
26
Q

ownership, evidence of ownership of property

A

title

27
Q

documents of title (3)

A
  1. title of real property - deed
  2. title of automobile ; title
  3. , personal property ; bill of sale
    - document conveys or evidences title
28
Q

common law rule

A
  1. the party with title bears the risk of loss
    - concerned damage done to the goods
    - party with risk of loss must
    - pay seller for damaged goods if risk on buyer
    - sustitute new goods if risk on seller
29
Q

problem with common law rule

A
  1. determining when title transfers
30
Q

ucc solution with common law rule

A
  1. in shipping contracts use the bill of lading
    - B.O.L contract existing between the consignor and carrier
    - consgnor and consignee
    - B.O.L may state when the risk of loss passes
    - B.O.L doesn’t state when risk of loss passes use the FOB terms (free on board)
31
Q

risk passes to consignee when goods reach the consignee

A

fob destination

32
Q

risk passes to consignee when consignor places goods with the common carrier

A

fob shipment/shipping point

33
Q

UCC special situations ; 2

A
  1. sale on approval

2. sale on return

34
Q

goods delivered to buyer for trial e.g. 30 days

  • title remains on seller until buyer accepts
  • express statement
  • keep goods beyond time
  • subjects goods to unreasonable usage
A

sale on approval

35
Q
  • present sale under which buyer may return goods after a set or reasonable time
  • usually a merchant sells to another merchant for resale
  • buyer bears a risk if goods returned damaged
A

sale or return

36
Q

common law and the ucc

A
  1. caveat emptor (let buyer beware)
  2. magic language
    - warranty, guarantee etc
37
Q

ucc warranties (4)

A
  1. express warranties
    - statement of fact, description of good, showing a sample
    - not opinion
  2. implied warranties
    - merchantability, fitness for a particular purpose, good title/ no encumbrances, no patent/trademark infringement
38
Q

fitness for a particular purpose (3)

A
  1. seller has special skills
  2. buyer has special, particular use
  3. buyer relies on sellers recommendation
39
Q
  • clear and specific language
  • writing is conspicuous
  • theres are no express warranties other than those set forth in the writing within. no statements or affirmations given by the seller shall constitute the creation of any warranty
A

express warranties UCC

40
Q

“as is” ,

“with all faults”

A

implied warranties uCC

41
Q

consumer protection - statues

A
  • usury laws

- antitrust laws

42
Q

set highest interest rate that may be charged on consumer loans of money

A

usury laws

43
Q

prohibited monoplolys

-sherman antitrust act

A

antitrust laws

44
Q

restrict monopolistic practices

A

Clayton act

45
Q

product safety laws

A

CPSC (consumer product safety commission)

  • truth in advertising
  • truth in lending
46
Q
  • research safety of consumer products
  • set safety standards for consumer products
  • provide information concerning safety of products
  • conduct recalls of hazardous products
A

Consumer product safety commission

47
Q
  • bait and switch
  • misleading advertising
  • rain chekcs
  • can issue cease and desist orders, etc
A

federal trade commission promulgates rules

48
Q
  • requires lenders to disclose information about loans
  • requires computation of APR
  • enables consumer to compare costs of loans from different lenders
A

truth in lending

49
Q
  • federal trade commission regulates the fair credit reporting act
  • requires credit bureaus to report information to consumers
  • requires denial of credit to be reported to consumers
  • allows consumer access to their credit report
  • created identity theft victims alert systems
A

fair credit reporting act

50
Q

regulatory agencies

A

federal trade commission

  • regulat funeral rule
  • state regulatory agencies
  • state funeral boards

PIMS - Business law (8 decks)

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