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chapter 13
contracts for the sale of goods
28
Business
11th Grade
03/09/2012

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Cards

Term
Sales
Definition

a contract in which ownership of goods is transferred from the seller to the buyer for consideration

Term
Price
Definition
the money that is paid for goods
Term
Goods
Definition
all things that are moveable
Term
Uniform commercial code
Definition

a collection of laws that governs various types of business transactions

Term
Contract to sell
Definition
agreement that involves the immediate sale of goods
Term

merchant

Definition

a business or person who deals regularly in the sales of goods or who has a specialized knowledge of goods

 

Term
 usage of trade
Definition
the method of dealing that is commonly used in the particular field
Term

firm offer

Definition
a merchant’s written promise to hold an offer open for sale of goods
Term

 output contract

Definition
an agreement to buy all off a manufacture’s goods
Term

requirement contract

Definition
occurs when a seller agrees to supply the needs of a buyer
Term
auction with reserve
Definition

the auctioneer does not have to sell the goods for the highest bid if it is lower than the reserve amount

Term
auction without reserve
Definition

the auctioneer must sell the goods to the highest bidder

Term
Bulk transfers
Definition
transfer of all merchandise and supplies at once
Term

Title

Definition
the right of ownership to goods
Term

Bill of sale

Definition
formal evidence of ownership
Term

Voidable title

Definition
title that may be voided if the injured party elects to do so
Term

risk of loss

Definition
the responsibility for loss or damage to goods
Term

identified goods

Definition
goods that presently exist and that have been set aside for a contract
Term
future goods
Definition
goods that are not both existing and selected
Term
carrier
Definition
a transportation company
Term

f.o.b.

Definition
free on board
Term
Destination contract
Definition

 the place that goods are required to be delivered

Term
Bill of lading
Definition
a receipt for shipment of goods given by a transportation company to a shipper when the carrier accepts goods for shipment
Term
Warehouse receipt
Definition
a document given to a customer by the warehouse that is storing his or her goods
Term
Electronic commerce
Definition
the buying and selling of goods and services, or the transfer of money, over the internet
Term
Electronic signatures
Definition

a method of singing an electronic message

Term
Online privacy
Definition
a part of your more general right to privacy
Term

Federal trade commission(FTC)

Definition

federal commission whose job it is to prevent business from violating the federal trade commission act

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