Chapter 13: Sales Contracts

Sale

A contract in which ownership of (title to) goods transfers immediately from the seller to the buyer for a price is a __________.

Oral

A seller can enforce an __________ contract for nonresalable goods if goods from third parties have been contracted for the order or manufacturing has substantially begun.

Patents and copyrights

According to the UCC, goods do not include __________.

Articles of clothing and rare collectible coins

According to the Uniform Commercial Code definition, the following would be considered goods: __________.

No. Brown Farms is just using the current market price.

Brown Farms contracted to sell its entire potato crop to Tom's Spuds at current market prices. Although Brown had 95% of his crop already harvested and in storage before the devastating flood came, he charged Tom's Spuds the after-flood inflated price due to limited supply. Is this an unconscionable contract? Explain your answer.

Occasionally

Casual sellers only sell __________.

Barter, money, or services

Consideration for a sale or contract to sell goods may be expressed in the form of a __________.

Vendor

Emily offers to sell her set of antique dishes to her neighbor, Tom. In this situation Emily would be known as a __________.

Admitted

If a party admits in legal testimony that they agreed to part or all of an oral contract governed by the Statute of Frauds, the contract would be binding to the extent __________.

Contracts

If the property transferred from one party to another for something of value is not a good, the law of __________ governs the transaction.

10

In a contract between merchants under the UCC, if a seller sends a signed written confirmation of an oral agreement to the buyer the confirmation will be binding on both unless the buyer sends a written objection to the confirmation to the seller within __________ days.

Vendee

In a contract to sell goods, the purchaser/buyer is known as the __________.

Vendor

In both sales and contracts to sell, the seller is known as the __________.

Casual sellers

Individuals who do not qualify as merchants in a transaction are known as __________.

Future

The UCC governs contracts to sell goods in the __________.

Sale of goods

The Uniform Commercial Code governs the various aspects of the __________.

Bill of sale

The __________ serves as written evidence of the transfer of ownership of goods.

500

To be enforceable in court, a contract must be evidenced in writing if the goods are valued at $__________ or more.

Bill of sale

Tom needs a new refrigerator for his home. At a local appliance store, he purchases one for $825 using his credit card. The appliance store should provide Tom with a written receipt showing his payment and the transfer of the ownership of the refrigerator from the appliance store to him. This receipt is known as a __________.

Uniform Commercial Code

UCC stands for __________.

Merchant

Under the provisions of the Uniform Commercial Code, a __________ is held to a higher standard than a casual seller.

Merchants

When both parties are __________, a new term inserted by the offeree automatically becomes part of the contract if the offeror fails to object within a reasonable time.

Barter

When parties exchange goods for goods, the sale is a __________.

Selects and agrees

When payment for goods takes place at a later date, the transfer of title takes place when the buyer __________ to buy the goods in the seller's store.

Acceptance of goods

__________ occurs when the goods are used or resold, the buyer has indicated by words or conduct that the goods received are satisfactory, or the buyer fails to reject the goods within a reasonable length of time.

Quantity

__________ of the goods must be included in a writing evidencing a sale of goods in order to satisfy the Statute of Frauds.