| A | B |
|---|
| Sale | A cotnract in which ownership of goods is transferred from the seller to the buyer for consideration. |
| Price | The money that is paid for goods. |
| Goods | All things that are moveable, such as your clothing, books, pens, food, car, and even the gas you put in your car. |
| Uniform Commerical Code | Collection of laws that governs various types of business transactions. |
| Contract to Sell | Agreement that involves the immediate sales of goods. |
| Merchant | A business person who deals regularly in the sale of goods or who has a specialized knowledge of goods. |
| Usage of Trade | Method of dealing commonly used in a particular field. |
| Firm Offer | A merchant's written promise to hold an offer open for the sale of goods. |
| Output Contract | Agreement to buy all of merchant's goods |
| Requirement Contract | Occurs whena seller agrees to supply the needs of a buyer. |
| Bulk Transfer | Transfer of all merchandise and supplies at once. |
| Title | The formal written right of ownership of goods. |
| Bill of Sale | Formal evidence of ownership |
| Voidable Title | If goods are acquired through fraud, a mistake, or undue influence, the title may be voided if the injured party elects to do so. |
| Risk of Loss | The responsibility for los or damage to the goods. |
| Identified goods | Goods that presently exist and that have been set aside for a contract. |
| Future goods | Crops that are not yet grown or other items that have not yet been manufactured. |
| Carrier | A transportation company. |
| F.O.B | Stands for free on board and means the goods will be delivered from the shipping point to the destination |
| Destination Contract | The place that goods are required to be delivered. |
| Bill of Lading | Receipt for shipment of goods given by a transportation company to a shipper when the carrier accepts goods for shipment. |
| Warehouse Receipt | Document given to a customer by the warehouse that is storing his or her goods. |
