sales contract
what is a sale
a contract in which ownership of goods transfer from seller to buyer for a price
payment
an act that occurs when a buyer delivers the agreed upon price and the seller accepts it.
price
The consideration (money, services, or other goods) given in exchange for a sale or contract to sell.
merchant
a seller who regularly deals in a particular type of goods.
goods
items used to trade often vehicles or personal belongings.
ownership
a bundle of rights enabling the use and enjoyment of property.
delivery
the action of placing the subject matter of a contract within the possession or control of the buyer.
a formal written document that provides evidence of the transfer of ownership of goods.
contract to sell
An agreement where the actual transfer of ownership is scheduled to take place at a future time
casual seller
an individual who sells items occasionally and is not legally a merchant.
conforming goods
goods that match the description and fulfill the obligations in the contract.
receipt of goods
The point at which the buyer takes physical possession or control of the items purchased.
what is a barter ?
a contract involving the exchange of goods for other goods instead of money.
uncoscionable contract
a contract that is very unfair or one sided that the court will not enforce
perfect tender rule
A UCC (Uniform Commercial Code) rule requiring the seller to deliver goods that conform exactly to the contract; if they don't, the buyer has the right to reject them.