| A | B |
|---|
| bulk transfer | the transfer of all goods owned by a business |
| merchant | a business or person who deals regularly in the sale of goods |
| firm offer | a merchant's written promise to hold open an offer for the sale of goods |
| identified goods | goods that presently exist and are the subject matter of a particular contract |
| nonmerchant | an occasional or casual seller |
| three | A merchant's written promise to hold open an offer for the sale of goods must not stand longer than ___ months. |
| intangible goods | bank accounts, contracts for service, stocks and bonds |
| Uniform Commercial Code | the current collection of laws that deals with the sale, transfer, and purchase of goods |
| price | the consideration to the seller in a sale of goods |
| bill of lading | a receipt given by a carrier to a shipper for shipment of goods |
| title | the right of ownership to goods |
| sale | a contract by which ownership of goods is shifted from seller to buyer for a price |
| shipment | Title and risk of loss pass to the buyer when goods are delivered to the carrier in a ____ contract. |
| owner | Generally, the person who may legally transfer ownership of goods is the true ___ of goods. |
| future | For transfer of ownership of goods in a sale, the goods cannot be ___ goods. |
| tender of delivery | placing of goods at the buyer's disposal with notification that delivery may be taken |
| fungible goods | goods of a homogeneous (identical) nature |
| destination | Ownership transfers to the buyer if the seller is to deliver the goods to their destination when the seller tenders the goods at the ____. |
| f.o.b. | free on board |
| cash and carry | In __ sales, title transfers at the time of the transaction and risk of loss transfers at the time the buyer receives the goods. |
| sale or return | In a __, title and risk of loss transfer upon delivery to the buyer. |
| c.o.d. | collect on delivery |
| auction | public sale to the highest bidder |
| auction sale with reserve | auctioneer does not have to sell to the highest bidder |
| auction sale without reserve | auctioneer must sell to the highest bidder |
| barter | transaction in which goods are exchanged for goods |
| bill of sale | receipt that serves as written or formal evidence of transfer of ownership of goods |
| carrier | transportation company |
| cash and carry sale | sale where the buyer pays for the goods and takes ownership of the goods upon payment; risk attaches upon receipt of goods |
| consignment sale | goods are sent by a manufacturer to a retailer; ownership and risk remain with manufacture until goods sell |
| contract to sell | transaction in which transfer of ownership is to take place in the future |
| credit sale | sale that calls for payment for goods at a later date; title passes at transaction, risk upon receipt of goods |
| delivery | act by which subject matter of contract is placed within possession or control of buyer |
| discount | terms of an invoice where a percentage reduction is taken on the invoice amount |
| document of title | written document giving person who possesses it the right to receive the goods |
| existing goods | goods that are physically in existence; may not be in fully assembled condition |
| good faith purchaser | an innocent third party to a fraudulent transfer of goods who gives value for the goods |
| goods | all tangible, movable personal property |
| invoice | bill for goods shipped |
| merchant | seller who deals regularly in a particular kind of goods or claims to have special knowledge |
| net | terms of an invoice where 100% of price is paid |
| risk of loss | reponsibility for loss or damage to goods |
| sale on approval | sale in which goods are delivered to buyer on a trial or satisfaction basis |
| sale or return | completed sale in which the buyer has option of returning goods |
| statute of frauds | state laws requiring that certain contracts be evidence in writing |
| terms | how the payment for invoice is expected; discounted, net, or late payment |
| trade account | Account used by a business to purchase goods from another business with agreement to pay at a later date |
| usage of trade | Method of dealing that is commonly used in a particular field |
| voidable title | If goods are acquired through fraud, a mistake, undue influence, or by a minor, the title may be voided if the injured party elects to do so |
| warehouse receipt | Document given to a customer by the warehouse that is storing his or her goods |
