Ch 16

contact to sell

-a contract whereby the seller agrees to transfer ownership of goods to the buyer in the future for consideration called the price. -the title will be transferred at a later time.

Existing goods

-are both in existence and then owned by the seller. -In order to be the subject of a sale, the goods must be existing. -if the goods are not existing then a contract to sell goods will be made.

price

-consideration in a sales contract. -The price may be payable in money, goods, or services.

Identified goods

-goods picked to be delivered to the buyer. -When the seller specifically manufactures the goods to the buyer's order, identification occurs at the time when manufacture begins.

future goods

-goods that are not existing -goods that are not yet owned by the seller or are not yet in physical existence. -title of future goods does not pass immediately to the buyer once in existence; the seller must first ship or deliver the goods

sale

-sale of goods involves the transfer of title, or ownership, to identified goods from the seller to the buyer for consideration called the price. -The ownership changes from the seller to the buyer at the moment the bargain is made, regardless of who has possession of the goods.

CISG

Contracts for the International Sale of Goods unless parties state that the contract will not be governed by the CISG, it will be. Business-to-business transactions, not personal consumer transactions.

movable personal property

all physical items that are not real estate. Ex: food, vehicle, clothing, and furniture.

intangible personal property

consist of evidence of ownership of personal property, such as contracts, copyrights, certificates of stock, accounts receivable, notes receivable, and similar assets.

Article 2 of the UCC

governs sales of goods but not agreements to perform services.

real property

land, interest in land, and things permanently attached to land.

goods

movable personal property, sale applies only to the sale of movable personal property.

bill of sale

provides written evidence of one's title to tangible personal property