Personal Law

Vendor

A ____ is a person or company who sells goods.

Bill of Sale

A ____ is a recipe that serves as a written evidence of the transfer of ownership of goods.

Contract to Sell

A ____ occurs when the transfer of goods will take place in the future.

Unconscionable

A contract may be declared ____ if it contains any grossly unfair clauses.

Vendee

A person who purchases goods is a ____.

Ownership

Collection of rights that allow the holding of title to possession of, use of, enjoyment of, profiting from, wasting, and even destruction of the subject property.

Sale

Immediate transfer of ownership of goods from a seller to a buyer/

Merchant

Label for a seller who claims special knowledge in a certain type of sales transaction.

Payment

Occurs when the buyer transfers the agreed-upon consideration and the seller accepts it.

Casual Seller

Seller who does not meet the definition of merchant.

Goods

Tangible, movable, personal property such as clothing or food is called ____.

Perfect Tender Rule

The ____ requires the tender of goods to match the buyer's order absolutely.

Delivery

The act by which the subject matter of the contract is placed within the possession or control of the buyer.

Barter

Two parties ____ when they exchange goods for goods.

Conforming Goods

____ are goods that specifically fulfill the obligations under the contract.

Price

_____ is the consideration for a sale.