Term
|
Definition
| distinguishing the goods named in a contract from the seller's or lessor's other goods |
|
|
Term
|
Definition
| goods not yet in existence (ex. ungrown crops, unborn stock animals) |
|
|
Term
|
Definition
| legal, tangible evidence of ownership of goods |
|
|
Term
|
Definition
| a contract that requires the seller to ship the goods to the buyer via a common carrier - title passes to the buyer at the time and place of shipment |
|
|
Term
|
Definition
| a contract that requires the seller to deliver the goods either to the buyer's place of business or to another destination specified in the sales contract |
|
|
Term
|
Definition
| an actual piece of paper, such as a warehouse receipt or bill of lading, that is required in some transactions of pickup and delivery - the seller bears the risk of loss during transportation |
|
|
Term
|
Definition
| a holder of goods who is not a seller or a buyer |
|
|
Term
|
Definition
| a type of sale in which there is no actual sale unless and until the buyer accepts the goods |
|
|
Term
|
Definition
| a contract in which the seller delivers goods to a buyer within the understanding that they buyer may return them if they are not used or resold within a state or reasonable period of time |
|
|
Term
|
Definition
| an arrangement in which a seller (the consignor) delivers goods to a buyer (the consignee) to sell |
|
|
Term
|
Definition
| a situation in which a thief acquires no title to goods he or she steals. Also known as a void leasehold interest. |
|
|
Term
|
Definition
| a title that a purchaser has if the goods were obtained by 1) fraud 2) a check that is later dishonored or 3) impersonation of another person. Also known as voidable leasehold interest. |
|
|
Term
| good faith purchaser for value |
|
Definition
| a person to whom good title can be transferred from a person with voidable title. The real owner cannot reclaim goods from a good faith purchaser for value. |
|
|
Term
| good faith subsequent lessee |
|
Definition
| a person to whom a lease interest can be transferred from a person with voidable title. The real owner cannot reclaim the goods from the subsequent lessee until the lease expires. |
|
|
Term
| buyer in the ordinary course of business |
|
Definition
| a person who in good faith and without knowledge that the sale violates the ownership or sercurity interest of a third party buys goods in the ordinary course of business from a person in the business of selling goods of that kind. A buyer in the ordinary course of business takes the good free of any third-party security interest in the goods. |
|
|
Term
| Goods acquired by theft are resold |
|
Definition
| void title, the purchaser of the goods may not lay claim on the goods, only the original owner may reclaim the goods. |
|
|
Term
| goods acquired by fraud or dishonored check are resold |
|
Definition
| voidable title, the purchaser takes goods, free of claim of the original owner |
|
|
Term
| goods entrusted to owner to merchant who deals in that type of goods are resold |
|
Definition
| no title, the purchaser takes goods, free of claim of the original owner |
|
|
