Show:
Miscellaneous Vocab 1 Ch 8
Miscellaneous Vocab 2 Ch 8
Miscellaneous Vocab 3 Ch 8
Miscellaneous Vocab 4 Ch 8
Miscellaneous Vocab 5 Ch 8
100
difference in forms used by merchants for sales agreement
What is Battle of the Forms
100
no standard of care automatic liability if properly used goods do not meet the warranty
What is Strict Liability
100
What are the two types of Implied Warranty?
1. Warranty of Merchantability 2. Warranty of fitness for a particular purpose
100
right acquired by a creditor to attach collateral in cases of default by the debtor
What is Security Interest
100
security interest given under common law to persons who repair property
What is Mechanic's Lien
200
FOB (Carrier)
Shipment contract in which risks of law passes when good are loaded into a third party carrier
200
property pledged to secure a security interest
What is Collateral
200
guarantee made by manufacture or seller with respect to quality and quantity and types of goods being sold
What is Warranty
200
conditional contract in which risk of loss remains with the seller until buyer resells the goods.
What is Consignment Contract
200
any transaction, regardless of form, that creates a security interest in personal property or fixtures
What is Secured Transaction
300
documents by debtor and creditor and names the collateral an creates a security interest instead of collateral
What is Security Agreement
300
security interest in after acquired property
What is Floating Lien
300
guarantee that the seller has a title sufficient to transfer goods to the seller
What is warranty of title
300
conditional contract in which risk of loss passes to buyer when buyer receives and approves goods
What is Sale on Approval
300
Equitable remedy in which buyer reclaims property previously rejected
What is Replevin
400
CIF
cost of insurance and freight paid for by seller even though risk of loss has passed to the buyer
400
COD
Cost on Delivery ; conditional contract in which the risk of loss passes to the buyer only after the goods have been delivered and paid for.
400
to recall an offer
What is Revocation
400
conditional contract in which risk of loss passes when buyer receives goods ;buyers bears the cost of returning goods of which he does not approve
What is Sale or Return
400
security interest created in the creditor whose money is used to buy collateral
What is Purchase Money Security Interest
500
method od creating and protecting a security interest under Article IX of the UCC
What is Perfection
500
guarantee created by operation of law
What is Implied Warranty
500
FAS
Free Alongside ; a shipping contract in which risk of loss passes to buyer when goods are placed alongside vessel used for transportation
500
guarantee created by words or conduct of the seller
What is Express Warranty
500
FOB (place of shipment)
free of board; shipment contract in which risk of loss passes when goods are given to a third party carrier.