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Blaw study guide chapter 11
Chapter 11
5
Law
Undergraduate 2
04/04/2010

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Term
Sale-Or-Return
Definition
A type of conditional sale in which title and possession pass from the seller to the buyer, but the buyer retains the option to return the goods during a specified period even though the goods confrom to the contract.
Term
In a Sale or return contract the buyer is required to pay for any goods...
Definition
not returned
Term
In a Sale or Return Contract when the buyer receives possession of the goods under a sale-or-return contract...
Definition
the title and risk of loss pass to the buyer. Title and risk of loss remain with the buyer until the buyer returns the goods to the seller within the time specified. If the buyer fails to return the goods iwthin this time period, the sale is finalized
Term
Consignment
Definition
A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
Term
The UCC treats a consignment as a sale or return
Definition
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