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.