Term
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Definition
| An action a party to a sales or lease contract is required by law to carry out |
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Term
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Definition
| Failure of a party to perform an obligation in a sales or lease contract |
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Term
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Definition
| The obligation of a seller to transfer and deliver goods to the buyer or lessee in accordance with a sales or lease contract |
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Term
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Definition
| A sales contract that requires the seller to send the goods to the buyer but not to a specifially named desitnation |
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Term
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Definition
| A sales contract that requires the seller to deliver the goods to the buyer's place of business or another specified destination |
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Term
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Definition
A rule that says if the good or tender of a delivery fail in any respect to conform to the contract the buyer may opt to:
1. To reject the whole shipment
2. accept the whole shipment
3. Reject part and accept part of the shipment |
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Term
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Definition
| An opportunity to repair or replace defective or non-conforming goods |
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Term
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Definition
| A contract that requires or authorizes goods to be delivered and accepted in separate lots |
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Term
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Definition
| A type of shipment contract in which the buyer agrees to pay the shipper cash upon delivery |
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Term
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Definition
An act that occurs when a buyer or a leasee takes any of the follwing actions after a reasonable opportunity to inspect the goods
1. Signifies to the owner or leaser in words or by conduct that the goods are conforming or that the buyer or leasee will take or retain the goods despite their non-conformity
2. Fails to affectively reject the goods within a reasonable time after their deliverey or tender by the seller or lessor
*Acceptance also occurs is if a buyer acts inconsistently with the sellers ownership rights to a good |
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Term
| Right to Withold Delivery |
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Definition
| Sellers' or lessers' right to refuse to deliver goods to a buyer or leasee upon breach of sales of breach of contract by the buyer or lessee or the insovlency of the buyer or lessee |
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Term
| Right to Stop Delivery of Goods In Transit |
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Definition
| The right of the seller or lesser to stop delivery of goods in transit if they learn that they buyer or lessee's insolvency or if the buyer or lessee repudiates the contract, fails to make payment or gives the seller/lesser some other right to withhold the goods |
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Term
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Definition
| The right of the seller/lesser to demand the return of goods from the buyer/lessee under specific situations |
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Term
| Right to Dispose of Goods |
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Definition
| the right to dispose of goods in a good faith and commercially reasonable manner. A seller/lesser who is in possession of goods at the time the buyer/lesser breaches or repudiates a contract may in good faith resell/release or otherwise dispose of the goods in a commercially reasonable manner and recover damages including incidental damages from the buyer/lessee |
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Term
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Definition
| Reasonable expenses incurred in stoping delivery, transportation, storage, comission charges etc. |
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Term
| Right to Recover Purchase Price/Rent |
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Definition
A seller/lesser's right to recover the contracted-for purchase price or rent from the buyer or lessee.
1. If the buyer/lessee fails to pay for accepted goods
2. If the buyer/lesee breaches the contract and seller/lesser cannot dispose of the goods
3. If the goods are damaged or lost after the risk of lost passes to the buyer/lessee |
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Term
| Right to Recover Damages for Breach of Contract |
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Definition
| A seller/lesser's right to recover damages measured as the difference between the contract price (rent) and the market price (rent) at the time and place the goods were to be delivered, plus incidental damages, from a buyer/lessee who repudiates the contract or wrongfully rejects tendered goods |
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Term
| Sellers/Lessers Cancellation |
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Definition
| A seller or lesser has the right to cancel sales or lease contract if the buyer/lessee rejects or revokes acceptance of goods, fails to pay for goods or repudiates the contract in part or in whole |
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Term
| Right to Reject Nonconforming Goods or Improperly Tendered Goods |
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Definition
A situation in which a buyer/lessee rejects the codes that do not conform to contract if the goods or sellers/lessers tender of delivery fails to conform to the contract, the buyer/lessee may...
1. Reject the Whole
2. Accept the Whole
3. Reject Some, Accept Some |
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Term
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Definition
| An action by a buyer or leaser to recover scarce goods wrongfully withheld by a seller or leaser |
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Term
| Buyers/Leasers Cancellation |
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Definition
| A buyer/lessee has a right to cancel a sales/lease contract if the seller/lesser fails to deliver conforming goods or repudiates the contract or if the buyer/lessee rightfully rejects the goods or justifiably revokes acceptance of the goods |
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Term
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Definition
Damages a buyer/lessee recovers from a seller/lesser who fails to deliver goods or repudiates the contract.
Damages are measured as the difference between the contract price (original rent) and the market price (rent) at the time the buyer/lessee learned of the breach |
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Term
| Adequate Assurance of Performance |
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Definition
| Adequate assurance of performance from the other party if their is an indication the contract will be breached by that party |
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Term
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Definition
| The repudiation of a sales/lease contract by one of the parties prior to the date set for performance |
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Term
| UCC Statute of Limitations |
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Definition
A rule which provides that an action for breach for any written or oral sales of lease contract must commence within 4 years after the cause of action accures.
The parties may agree to reduce the period to 1 year |
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