| A | B |
|---|
| Auction | Buyer bids on item |
| Barter | Exchange of goods. |
| Cash and Carry Sales | Pay cash and take immediate delivery |
| Bulk Transfer | All or a major part of a business is sold |
| COD Sales | Collect on delivery |
| Delivery | Buyer possesses or has control of the item |
| Vendor | Seller |
| Vendee | Buyer |
| Uniform Commercial Code UCC | Body of laws governing commercial transactions in the United States. |
| Unconscionable Contract | So grossly unfair that the courts will refuse to enforce it. |
| Tender of Delivery | Seller notifies buyer of item being available. |
| Statute of Frauds | Requires certain contracts to be in writing. |
| Sales on Credit | Payment at a later date |
| Existing Goods | Goods that physically exist and are owned by the seller |
| Future Goods | Contract and not a sale – under UCC, cannot own future goods |
| Goods | Tangible, moveable items of personal property. |
| Identified Goods | Designated for a sale |
| Ownership | The right to hold the title, possess, use, enjoy, profit from, waste, and even destroy. |
| Price | Consideration for a sale |
| Receipt of Goods | Buyer takes physical possession |
