Shared Flashcard Set

Details

Business Law II- Ch. 22
Performance and Breach of Sales and Lease Contracts
8
Business
Undergraduate 4
02/03/2013

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Cards

Term
Conforming good (438)
Definition
goods that conform to the contract description in every way.
Term
Cover (447)
Definition
in certain situations, buyers and lessees can protect themselves by buying or leasing substitute goods for those that were due under the contract.
Term
Cure (439)
Definition
under the common law the seller was obligated to deliver goods that conformed with the terms of the contract in every detail.
Term
Installment contract (440)
Definition
a single contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
Term
Letter of credit (453)
Definition
frequently used to facilitate international business transactions.
Term
Perfect tender rule (439)
Definition
under the common law, the seller was obligated to deliver goods that conformed with the terms of the contract in every detail.
Term
Replevin (448)
Definition
an act to recover identified goods in the hands of a party who is unlawfully withholding them.
Term
Tender of delivery (438)
Definition
occurs when the seller or lessor makes conforming goods available to the buyer or lessor and gives the buyer or lessee whatever notification is reasonably necessary to enable the buyer or lessee to take delivery.
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