CONTRACTS 08 Flashcards Preview

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Flashcards in CONTRACTS 08 Deck (17)
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1
Q

Identification of Goods

A

Distinguising the goods named in a contractfrom the seller’s or lessor’s other goods.

2
Q

Future Goods

A

Goods not yet in existence (e.g. ungrown crops, unborn stock animals)

3
Q

Title

A

Legal, tangible evidence of ownership of goods.

4
Q

Shipment Contract

A

A contract that requires the seller to ship the goods to the buyer bia a common carrier.

5
Q

Destination Contract

A

A contract that requires the seller to deliver the goods either to the buyer’s place of business or to another destincation specified in the sales contract.

6
Q

Document of Title

A

An actual piece of paper, such as a warehouse receipt or bill of lading, that is required in some transactions of pickup and delivery.

7
Q

Shipment Contract

A

The buyer bears the risk of loss during transportation.

8
Q

Destination Contract

A

The seller bears the risk of loss during transportation.

9
Q

Bailee

A

A holder of goods who is not a seller of a buyer.

10
Q

Sale on Approval

A

A type of sale in which there is no actual sale unless and until the buyer accepts the goods.

11
Q

Sale or Return Contract

A

A contract in which the seller delivers good to a buyer with the understanding that the buyer may return them if they are not used or resold within a stated or reasonable period of time.

12
Q

Consignment

A

An arrangement in which a seller (the consignor) delivers goods to a buyer (the consignee) to sell.

13
Q

Void Title

A

A situation in which a thief acquires no title to goods she steals.

14
Q

Voidable Title

A

A title that a purchaser has if the goods were obtained by fraud, a check that is later dishonored, or impersonation of another person.

15
Q

Good Faith Purchaser for Value

A

A person to whom good title can be transferred from a person with voidable title. The real owner cannot reclaim goods from a good faith purchaser for value.

16
Q

Good Faith Subsequent Lessee

A

A person to whom a lease interest can be transferred from a person with voidable title. The real owner cannot reclaim the goods from the subsequent lessee until the lease expires.

17
Q

Buyer in the Ordinary Course of Business

A

A person who in good faith and without knowledge that the sale violates knowledge that the sale violates the ownership or security interests of a third party buys goods in the ordinary course of business from a person in the business of selling goods of that kind. A buyer in the ordinary course of business takes the goods free of any third-party security interest in the goods.