Essentials of Business Law Chapter 16

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Author:
Drizzle
ID:
276007
Filename:
Essentials of Business Law Chapter 16
Updated:
2014-06-03 00:33:33
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Business Law
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Chapter 16
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  1. Title
    Ownership and the right to possess something.
  2. Bill of sale
    A written statement that the seller is passing ownership to the buyer.
  3. Bill of lading
    A receipt for goods to be shipped, acknowledging that such goods have been received and indicating agreement that the goods will be transported to the destination specified.
  4. Straight bill of lading
    A nonnegotiable receipt for goods to be shipped, acknowledging that such goods have been received and indicating agreement that the goods will be transported to the destination specified.
  5. Order bill of lading
    A receipt for goods to be shipped that is negotiable and is proof of title that can be used to transfer title from one person to another.
  6. Warehouse receipt
    Much like a bill of lading except that the goods are not being shipped but merely stored.
  7. Nonnegotiable warehouse receipt
    A receipt for the goods to be stored.
  8. Negotiable warehouse receipt
    Proof of ownership that can be used to transfer title from one person to another.
  9. Conditional sale
    A sale with contract provisions that specify conditions that must be met by one of the parties.
  10. Conditions precedent
    Conditions in a sales contract that must be met before title passes.
  11. Conditions subsequent
    Conditions in a sales contract that must be met after title has passed.
  12. Estoppel
    A legal bar to using contradictory words or acts in asserting a claim against another.
  13. Remote party
    A person with the right to make legitimate sales as a representative of the owner of the goods, although he or she is not a titleholder.
  14. Wrongful posession
    When property, such as stolen goods, is transferred without permission of the owner.
  15. Fungible goods
    Goods that are generally sold by weight or measure.

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