Chapter 13-1

Sale

A contract that involves the immediate transfer of goods from the seller to the buyer for a set price

Vendor

A person or company who sells goods

Vendee

A person who purchases goods

Bill of Sale

A receipt that serves as written evidence of the transfer of ownership of goods

Gift

A transaction where no contract is necessary

Lease

A transaction where the ownership of real property is not transferred

Payment

Occurs when the buyer delivers the agreed upon price and the seller accepts it

Contract to Sell

Occurs when the transfer of goods will take place in the future.

Merchant

Someone who deals regularly in a particular kind of goods. This group is governed by a variation in the statute of frauds.

Goods

Tangible, movable, personal properties such as clothing or food

Price

The consideration for a sale

Ten

The number of days a merchant has to send a written objection to a confirmation of an oral contract with another merchant

Statute of Fraud

The rule that governs the sale of goods for $500 or more

Quantity

This must be stated about goods for a contract to be enforced

Resell

What a buyer can do to goods to show his or her acceptance of them

Unconscionable

What a contract may be declared if it contains any grossly unfair clauses

Barter

When two parties exchange goods for goods