Business Law 1
Any agreement enforceable by law
Contract
This means legally good or legally binding
Valid
Occurs when the buyer transfers the agreed upon consideration and the seller accepts it
Payment
The legal ability to enter into a contract
Capacity
A receipt the servers as written evidence of transfer of ownership of goods.
Bill of Sale
How many elements are there to a contract?
6
This means a contract with no legal affect
Void
The seller is unable to provide conforming Goods but has instead provided
Non Conforming Goods
A contract in which ownership of goods transfers immediately from the seller to the buyer for a price.
Sale
Entails a collection of rights including the right to hold title, possess, use, enjoy, profit from, waste, and even destroy the subject property.
Ownership
The legal ability to enter into a contract
Capacity
This rule requires the tender of goods to match the buyer's order absolutely.
Perfect Tender Rule
The act by which the subject matter of the contract is placed within the possession or control of the buyer.
Delivery.
The exchange of benefits and detriments by parties to an agreement
Consideration
The seller is also known as the
Vendor
A proposal by one party to another intended to create a legally binding agreement
Offer
A contract that comes from the actions of the parties
Implied contract
An arrangement with or a favor to the buyer after notification by the seller.
Accommodation
the consideration for a sale or contract to sell goods
price
If the transfer of ownership is to take place in the future, the transaction is a
contract to sell
Most advertisements in newspapers, magazines, etc. are treated as what?
Invitations to negotiate
An error on the part of one of the parties to the contract
Unilateral mistake
Parties exchange good for goods
Goods that specfically fulfilled the seller's obligations under the contract.
Conforming Goods
The person buying is called
The vendee