An agreement that generally transfers title and risk of loss of the goods to the buyer when the goods reach their destination, usually the buyer's place of business.
An offer that is irrevocable despite the lack of consideration from the offeree to hold the offer open. Offer must be in writing and made by a merchant to be firm.
Parties will operate honestly in the course of the transaction; think of trying to honor the spirit of the agreement more than the literal agreement.
Moveable personal property
A guarentee that automatically exists, unless it is disclaimed by the seller. Some examples include the warranty of title, the implied warranty of merchantability, and implied warranty of fitness for a particular purpose.
A person who regularly buys or sells goods that are involved in the contract.
Perfect tender rule
The goods that the seller delivers must conform exactly to the terms of the contract.
Risk of Loss
Parties to the contract allocate which party will bear the loss if the goods are damaged or destroyed.
An agreement that generally provides that title and risk of loss pass to the buyer when the seller delivers the goods to the common carrier.
Strict product liability
Sellers are held responsible for injuries that their goods cause, even if the seller exercised due care.
When a party to the contract is ready, willing, and able to perform the promise of the contract.
Transfer of title
Ownership of goods is transferred from the seller to the buyer.
A guarentee concerning the quality, performance, or other characteristics of the good.