Essentials of Business Law Chapter 17

A legally enforceable agreement that has as its purpose the immediate transfer of title to personal property in return for consideration.

Goods that physically exist and are owned by the seller at the time of sale.

Goods that do not exist at the time of the sales transaction but are expected to come into the possession of the seller.

An agreement to sell future goods.

A sales contract for goods of special design, construction, or manufacture.

A contract for the sale of goods that gives the buyer both title to the goods and the opportunity to return them to the seller at a later time.

A contract for the sale of goods subject to the buyer's approval.

An agreement whereby the seller will accept the return of goods at the request of the buyer to maintain goodwill, rather than because the seller is legally obliged to accept the returned goods.

One at which the goods must be sold to the highest bidder and may not be withdrawn after bidding has begun.

One that gives the auctioneer the right to withdraw the goods at any time before announcing completion of the sale if reasonable bids are not made.

A sales contract that includes conditions that must be met either before or after the sale is completed.

Title to goods passes from the seller to the buyer when the carrier receives the shipment and it is understood that the buyer will pay the transportation charges.

Title passes from the seller to the buyer when the goods are delivered to the buyer.

When the buyer is insolvent, the right of an unpaid seller to stop goods in transit and order the carrier to hold them for the seller.

An order that requires the seller to deliver the goods specified in the contract or face being held in contempt of court.

An action to recover possession of specific goods wrongfully taken or detained by another.

When the seller fails to deliver the goods, the right of a buyer to buy similar goods elsewhere to substitute for those not delivered by the seller.