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Terms in this set (37)risk of loss under the common law of contracts, the risk of loss go goods is placed on the party who holds title to the goods identification of goods distinguishing of the goods named in a contract from the seller's or lessor's other goods future goods goods not yet in existence (e.g., uncrown crops, unborn stock animals) passage of title in sales contracts precise rules in article 2 of the uniform commercial code (UCC) for determining how title passes in sales contracts title legal, tangible evidence of ownership of goods, real property, or other property shipment contract a contract that requires a seller to ship the goods to the buyer via a common carrier destination contract a contract that requires the seller to deliver the goods either to the buyer's place of business or to another destination specified in the sales contract document of title a document, such as a warehouse receipt or bill of lading, that is required in some transactions of pickup and delivery shipping terms terms in sales contracts that establish duties and assesses risk of loss when goods are shipped by a common carrier such as a trucking company, a ship, or a railroad F.O.B. (free on board) point of shipment a shipping term that requires the seller to arrange to shop the goods and put the goods in the carrier's possession F.A.S. (free alongside ship) port of shipment or F.A.S. (vessel) port of shipment a shipping term that requires the seller to deliver and tender the goods alongside the named vessel or on the dock designated and provided by the buyer C.I.F (cost, insurance, and freight) a pricing term that means the price of goods includes the cost of the goods and the costs of insurance and freight C.F. (cost and freight) a pricing term that means the price of goods includes the cost of the goods and the cost of freight F.O.B. (free on board) place of destination a shipping term that requires the seller to bear the expense and risk of loss of goods until the goods are tendered to the buyer at the place of destination ex-ship (from the carrying vessel) a shipping term that requires the seller to bear the expense and risk of loss until the goods are unloaded from the ship at its port of destination no arrival, no sale contract a shipping term that requires the seller of goods to bear the expense and risk of loss of the goods during transportation risk of loss in a shipment contract a situation in which the buyer bears the risk of loss during transportation risk of loss in a destination contract a situation in which the seller bears the risk of loss during transportation bailee a holder of goods who is not a seller or a buyer (e.g., warehouse, common carrier) United Nations convention on contracts for the international sale of goods (CISG) a model act promulgated by the UN that provides legal rules that govern the formation, performance, and enforcement of international sales contracts conditional sale a sale of goods that is subject to a condition of sale sale on approval a type of sale in which there is no actual sale unless and until the buyer accepts the goods sale or return contract a contract in which the seller delivers goods 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 consignment an arrangement in which a seller (the consignor) delivers goods to a buyer (the consignee) to sell consignor (shipper) the party who delivers goods to a buyer (the consignee) to sell on his or her behalf consignee the party to whom a seller (the consignor) delivers goods to be sold on the seller's behalf lessor a person who transfers the right of possession and use of goods under a lease of goods tenant (lessee) the party to whom a leasehold is transferred. also known as a lessee ordinary lease under the uniform commercial code (UCC), a lease of goods by a lessor to a lessee
finance lease a three-party lease transaction of goods consisting of a lessor, a lessee, and a supplier insurable interest a requirement that a person who purchases insurance have a personal interest in the insured goods, property, or person void title or void leasehold interest an invalid title. in a. case in which a buyer purchases goods from a thief who has stolen them, the purchaser does not acquire title to the goods. the buyer has void title and the real owner can reclaim the goods from the purchaser voidable title or voidable leasehold interest a title to goods that a purchaser acquires if he acquires the goods through fraud, a check that is later dishonored, or impersonation of another person. a person with voidable title to goods can transfer good title to a good faith purchaser for value good faith purchaser for value 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. good faith subsequent lessee 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 buyer in the ordinary course of business a person who in good faith and without knowledge of another's ownership or security interest in goods buys the goods in the ordinary course of business from a person in the business of selling goods of that kind entrustment rule a rule that states that if the owner of goods entrusts the possession of these goods to a merchant who deals in goods of that kind (e.g., for repair or consignment), the merchant has the power to transfer all rights (including title) in the goods to a buyer in the ordinary course of business. the real owner cannot reclaim the goods from this buyer Students also viewedHistory chapter 18 people23 terms Mason_Givens7 chapter 21 terms10 terms gracelyntonn Chapter 21 People29 terms KadeHerrera Anglo saxon terms16 terms kma24004Plus Sets found in the same folderChapter 19 - Title to goods and risk of loss31 terms elsa__berisha Chapter 20 - Remedies for Breach of Sales and Leas…38 terms elsa__berisha Chapter 12 - Capacity and Legality40 terms elsa__berisha chapter 20 terms45 terms elsa__berisha Other sets by this creatorChapter 29: Mergers and Acquisitions31 terms elsa__berisha Chapter 24: Convertible Bonds13 terms elsa__berisha Chapter 20: Raising Capital26 terms elsa__berisha Chapter 19: Distribution policy21 terms elsa__berisha Verified questions
economics The characteristics of ___ include few sellers, firms that produce and sell identical or slightly different products, and significant barriers to entry. Verified answer sociology What is another term for the family of birth? Verified answer psychology Jooyoun made the mistake of taking too little water with her on a hot summer hike. As she descended the hiking trail and approached the parking area, she was certain she saw a frosty bottle of water sitting on the curb. As she got closer, she realized it was a shiny rock, and in fact it was not shaped at all like a water bottle. Why were Jooyoun's perceptions so mistaken? Verified answer
question The data in an experiment have been examined using ANOVA, and a confidence interval has been constructed for the mean associated with each level for a factor. Which ANOVA technique (one-way, randomized block, or two-way) has not been used in this analysis? Explain. Verified answer Other Quizlet setsLombardo Frankenstein17 terms kaykay_miller9 final exam promotion109 terms cecebkc888 Thermal Energy, Temperature, and Heat40 terms Sammy_887 ATI Fundamentals Proctored Exam Study Guide118 terms Mainecray26Plus What does the UCC say about risk of loss?The Uniform Commercial Code (UCC) § 2–509 allocates the risk of loss when there is no contractual breach, and shifts the risk of loss to the buyer when the seller or bailee take certain steps to deliver the goods in certain circumstances.
Who has risk of loss in a shipment contract?With a shipment contract, the buyer bears the risk of loss for the goods prior to actually receiving them. Here, the seller's only duty is to get the goods to a common carrier and make proper delivery arrangements for the goods to get to the seller.
How title and risk of loss applies under the UCC?Typically, the party who currently holds the title to the goods bears the risk of loss for those goods. So between a typical buyer and seller, the seller retains the risk of loss until the title is transferred successfully to the buyer, who then bears the risk.
What is the purpose of the Uniform Commercial Code UCC )? Quizlet?The purpose of the UCC is to streamline commercial transactions - without the same formality of other types of contracts. What if the contract involves goods and services? Goods associated with real property (like minerals, oil, gas and crops) are considered - contracts for GOODS.
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Under the uniform commercial code (ucc), the risk of loss in a shipment contract: quizlet
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