Term
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Definition
| an action a party to a sales or lease contract is required by law to carry out |
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Term
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Definition
| failure of a party to perform an obligation in a sales or lease contract |
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Term
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Definition
| the obligation of a seller to transfer and deliver goods to the buyer or lessee in accordance with a sales or lease contract |
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Term
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Definition
| a rule that says if the goods or tender of a deliver fail in any respect to conform to the contract, the buyer may opt either 1) to reject the whole shipment 2) to accept the whole shipment or 3) to reject part and accept part of the shipment |
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Term
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Definition
| an opportunity to repair or replace defective or nonconforming goods |
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Term
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Definition
| a contract that requires or authorizes goods to be delivered and accepted in separate lots |
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Term
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Definition
| goods that are tendered, delivered, or identified in a sales or lease contract prior to accepting or paying for them - if they inspect them right after they have arrived they are able to send them back |
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Term
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Definition
| a type of shipment contract in which the buyer agrees to pay the shipper cash upon the delivery of the goods |
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Term
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Definition
| an act that occurs when a buyer or lessee takes any of the following actions after a reasonable opportunity to inspect the goods 1) signifies to the seller or lessor in words or by conduct that the goods are conforming or that they buyer or lessee will take or retain the goods despite their nonconformity or 2) fails to effectively reject the goods within a reasonable time after their delivery or tender by the seller or lessor. Acceptance aslo occurs if a buyer acts inconsistently with the seller's ownership right in the goods |
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Term
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Definition
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Term
| right to withhold delivery |
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Definition
| a seller's or lessor's right to refuse to deliver goods to a buyer or lessee upon breach of a sales contract by the buyer or lessee or the insolvency of the buyer or lessee |
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Term
| right to stop delivery of goods in transit |
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Definition
| the right of a seller or lessor to stop deliver of goods in transit if he or she learns of the buyer's or lessee's insolvency or if the buyer or lessee repudiates the contract, fails to make payment when due, or gives the seller or lessor some other right to withhold the goods |
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Term
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Definition
| the right of the seller or lessor to demand the return of goods from the buyer or lessee under specified situations |
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Term
| right to dispose of goods |
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Definition
| the right to dispose of goods in a good faith and commercially reasonable manner. A seller or lessor who is in possession of goods at the time the buyer or lessee breaches or repudiates a contract may in good faith resell, release, or otherwise dispose of the goods in a commercially reasonable manner and recover the damages, including incidental damages, from the buyer or lessee |
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Term
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Definition
| reasonable expense incurred in stopping delievery, transportation charges, storage charges, sales commissions, and so on. |
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Term
| right to recover the purchase price or rent |
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Definition
| a seller's or lessor's right to recover the contracted-for purchase price or rent from the buyer or lessee 1) if the buyer or lessee fails to pay for the accepted goods 2) fi the buyer or lessee breaches the contract and the seller or lessor cannot dispose of the goods 3) if the goods are damaged or lost after the risk of loss passes to the buyer or lessee |
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Term
| right to recover damages for breach of contract |
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Definition
| a seller's or lessor's right to recover damages measured as the difference between the contract price (or rent) and the market price (or rent) at the time and place the goods were to be delivered, plus incidental damages, from a buyer or lessee who repudiates the contract or wrongfully rejects tendered goods |
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Term
| seller's or lessor's cancellation |
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Definition
| a sellers or lessor has the right to cancel a sales or lease contract if the buyer or lessee rejects or revokes acceptance of the goods, fails to pay for the goods, or repudiates the contract in part or in whole |
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Term
| right to reject nonconforming goods or improperly tendered goods |
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Definition
| reject if the goods or the tender's delivery fails to conform to the contract they can 1) reject as a whole 2) accept as a whole 3) accept any commercial unit and reject the rest |
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Term
| right to recover goods from an insolvent seller or lessor |
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Definition
| the right of a buyer or lessee who has wholly or partially paid for goods before they are received to recover the goods from a seller or lessor who becomes insolvent within 10 days after receiving the first payment; the buyer or lessee must tender the remaining purchase price or rent dues under the contract |
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Term
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Definition
| a decree of the court that orders a seller or lessor to perform his or her obligations under the contract; usually occurs when the goods in question are unique, such as art or antiques |
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Term
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Definition
| the right of a buyer or lessee to purchase or lease substitute goods if a seller or lessor fails to make delivery of the goods or repudiates the contract or if the buyer or lessee rightfully rejects the goods or justifiably revoke their acceptance |
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Term
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Definition
| an action by a buyer or lessor to recover scarce goods wrongfully withheld by a seller or lessor |
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Term
| buyer's or lessee's cancellation |
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Definition
| a buyer or lessee has the right to cancel a sales or lease contract if the seller or lessor fails to deliver conforming goods or repudiates the contract of the buyer rightfully rejects the goods or revokes acceptance of the goods |
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Term
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Definition
| damages a buyer recovers from a seller who fails to deliver the goods or repudiates the contract. Damages are measure as the difference between the contract price and the market price at the time the buyer or lessee learned of the breach |
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Term
| adequate assurance of performance |
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Definition
| adequate assurance of performance from the other party if there is an indication that the contract will be breached by that party |
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Term
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Definition
| the repudiation of a sales contract by one of the parties prior to the date set for performance |
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Term
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Definition
| actions must commence within four years after the cause of action accrues, the parties may reduce limitations period to one year |
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Term
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Definition
| damages that will be paid upon a breach of contract that are established in advance |
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