| A | B |
|---|
| Sale | a contract in which ownership transfers. |
| Ownership | the right to hold the title, possess, use, enjoy, profit from, waste, and even destroy. |
| Price | is the consideration for a sale |
| Barter | a exchange of goods. |
| E-commerce | conducting business using electronic means, especially the Internet |
| The Uniform Commercial Code (UCC) | Body of laws governing commercial transactions in the United States |
| Receipt of Goods | buyer takes physical possession |
| Bill of Sale | What is the proof of sale |
| Unconscionable contract | so grossly unfair that the courts will refuse to enforce it. |
| Statute of Frauds | requires certain contracts to be in writing. |
| Authorized person | A third party may sell someone else’s product with their permission |
| Existing Goods | physically exist and owned by the seller |
| Identified Goods | designated for a sale |
| Future Goods | this is a contract and not a sale because under UCC you cannot own these goods |
| COD | Collect of delivery |
| Express Warranty | also called a guarantee |
| Implied Warranty | quality imposed by law but not in writing |
| Warranty of Title | Seller warrants that the title is good and transfer is rightful |
| full warranty | requires that the defective product be repaired or replaced for free within a reasonable length of time after complaint is made |
| limited warranty | provides a restricted guarantee |
