Module 7: Sale of Goods and Consumer Protection Flashcards Preview

MOS 2275: Business Law > Module 7: Sale of Goods and Consumer Protection > Flashcards

Flashcards in Module 7: Sale of Goods and Consumer Protection Deck (19)
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1

caveat emptor

"buyer beware"

2

bill of lading

a shipping document that serves as a contract between the seller and thecarrier

3

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

4

c.i.f.

cost, insurance, freight - a contractual term for making the seller responsible for insurance and shipping

5

specific goods

goods that are in existence and identifiable at the time a contract of sale is formed

6

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

7

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

8

damages for non-acceptance

damages to which a seller is entitled if a buyer refuses to accept goods prior to the passing of title

9

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

10

unfair practices

illegal business practices that exploit the unequal bargaining position of consumers

11

telemarketing

the use of unsolicited telephone calls to market goods and services to prospective customers

12

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)

13

price fixing

conspiring with competitors to fix the prices charged for goods or services

14

bid rigging

conspiring to fix the bidding process to suit the collective needs of those submitting bids

15

abuse of dominant position

a dominant company or group of companies engaging in anticompetitive behaviour that unduly prevents or lessens competition

16

price maintenance

the attempt to drive the final retail price of goods upward and the imposition of recriminations upon noncompliant retailers'

17

exclusive dealing

when a seller agrees to sell to the purchaser only if the purchaser buys from it exclusively

18

tied selling

when a seller will sell to the purchaser only if the purchaser buys other, less desirable goods as well

19

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