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Definition
| a clause in a contract desigating the law (such as the law of a particular state or nation) that will govern the contract. |
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Term
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Definition
| in regard to the lease of goods, an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments. |
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Definition
| a person who is engaged in the purchase and sale of goods. Under the UCC, a person who deals in goods of the kind involved in the sales contract. |
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Term
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Definition
| an agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller agrees. |
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Definition
| an agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires. |
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Term
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Definition
| the passing of title (evidence of ownership rights) from the seller to the buyer for a price. |
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Term
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Definition
| a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price. |
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Term
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Definition
| property that has physical existence and can be distinguished by the senses of touch, sight, and so on. A car is tangible property; a patient right is intangible property. |
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