Shared Flashcard Set

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Objective 9.01 Vocabulary
N/A
76
Business
10th Grade
05/14/2012

Additional Business Flashcards

 


 

Cards

Term
Adulterated
Definition
A food or drug that contains any substance that will reduce its quality or strength below the minimum standard
Term
Attorney general
Definition
The chief law officer of a country or state, at the federal level, the person who also holds the position of secretary of the Justice Department
Term
Auction
Definition
A public sale to the highest bidder
Term
Bait and switch
Definition
Advertising a non-existent bargain to lure customers so they can be sold a more expensive item
Term
Barter
Definition
A transaction in which goods are exchanged for goods
Term
Better Business Bureau
Definition
A private, non-government agency that logs complaints and passes them on to businesses that are members. BBB also makes complaints available for public viewing
Term
Bill of lading
Definition
A receipt for shipment of goods given by a transportation company (carrier) to the shipper when the carrier accepts goods for shipment
Term
Bill of sale
Definition
A receipt that serves as written or formal evidence of the transfer of ownership of goods
Term
Bulk transfer
Definition
The transfer, generally by sale, of all or a major part of the goods of a business in one unit at one time
Term
Carrier
Definition
A transportation company, ex: UPS, Yellow Freight, Fedex
Term
Cash and carry sale
Definition
A sale where the buyer pays for the goods and takes ownership of the goods upon payment, risk attaches upon receipt of goods
Term
Casual sellers
Definition
Parties who sell only occasionally or do not otherwise meet the definition of merchant. Also called a non-merchant
Term
Caveat emptor
Definition
Latin for “Let the buyer beware”
Term
Caveat venditor
Definition
Latin for “Let the seller beware"
Term
Cease and desist order
Definition
A legally binding order issued by the court to stop a practice of using advertising that would mislead the public
Term
Class action
Definition
A lawsuit that allows one or several persons to sue not only of behalf of themselves but also on behalf of many others similarly wronged
Term
Cooling off rule
Definition
Adopted by the FTC to give consumers three business days to cancel most contracts made with door to door salespersons. The rule relates to sales of $25 or more made outside the salesperson’s regular place of business
Term
COD
Definition
Collect on delivery; the carrier collects the price and transportation charges upon delivery and transmits this amOunt to the seller; ownership and risk transfer when the price is paid
Term
Consignment sale
Definition
Goods are sent by a manufacturer to a retailer, but ownership and risk remain with the manufacturer until goods are sold. The retailer generally does not make payment for the goods unless goods are sold to consumer. If goods do not sell, retailer has right to return unsold goods to manufacturer
Term
Consumer
Definition
An individual who acquires goods that are primarily intended for personal, family, or household use
Term
Consumer Product Safety Commission (CPSC)
Definition
Sets product standards for hazardous products
Term
Contract to sell
Definition
A transaction in which the transfer of ownership is to take place in the future. Ex: crops, goods yet to be manufactured.
Term
Contracts for the International Sale of Goods (CISG)
Definition
The United Nations agreement that regulates international sales contracts
Term
Credit sale
Definition
A sale that, by agreement of the parties, calls for payment for the goods at a later date; ownership transfers at the time of transaction, risk attaches upon receipt of goods
Term
Delivery
Definition
The act by which the subject matter of the contract is placed within the possession or control of goods
Term
Destination contract
Definition
Also called “Free on Board-destination” – requires seller to deliver the goods, title and risk of loss transfer to the buyer at the final destination of the goods
Term
Disclaimer
Definition
A notice of exclusion that modify or excludes any implied warranty
Term
Discount
Definition
Terms of an invoice where a % reduction is taken on the invoice $ amount
Term
Existing goods
Definition
Goods that are physically in existence even though they may not be in a fully assembled and immediately deliverable condition
Term
Express warranty
Definition
An oral or written guarantee by a manufacturer or seller
Term
False and misleading advertising
Definition
Advertising that improperly deceives or conceals material facts
Term
Federal Trade Commission (FTC)
Definition
Federal agency that enforces the laws of fair trade including the Fair Trade Act
Term
Firm offer
Definition
A merchant’s written promise to hold an offer open for the sale of goods
Term
Food and Drug Administration (FDA)
Definition
Sets product standards for food, drug, cosmetics and health aids
Term
Free On Board (FOB)
Definition
Means goods will be delivered free to the designated place, the location where the title and risk of loss transfer
Term
Full warranty
Definition
An express warranty that obligates the seller to repair or replace a defective product without cost to the buyer within a reasonable time
Term
Future goods
Definition
Goods that are not both existing and identified
Term
Good faith purchaser
Definition
An innocent third party to a fraudulent transfer of goods who gives value for the goods and acquires rights in the property
Term
Goods
Definition
All tangible, movable personal property. (per UCC does not include real or intangible property; ie land, money, stocks, bonds, contracts for services)
Term
Guarantee
Definition
A promise or assurance of the quality of a product
Term
Identified goods
Definition
Goods that have been specifically designated as the subject matter of a particular sales contract
Term
Implied warranty
Definition
A guarantee of quality imposed by law but not in writing
Term
Lemon Laws
Definition
Protects consumers who return vehicles with major defects to authorized dealerships; exist at both state and federal levels
Term
Limited warranty
Definition
A warranty that provides restricted protection
Term
Loss leader
Definition
An item priced at cost to draw customers into a store
Term
Lottery
Definition
A game of chance, not skills, requiring payment of money to participate and a prize to be won
Term
Magnuson-Moss Act
Definition
Regulates the content of written warranties
Term
Merchant
Definition
A seller who deals regularly in a particular kind of goods or otherwise claims to have special knowledge or skill in a certain type of sales transaction
Term
Misbranded
Definition
False or misleading labeling or packaging of food, drugs, or cosmetics
Term
Ownership
Definition
A collection of rights that allow the use and enjoyment of property
Term
Net
Definition
Terms of an invoice where 100% of the stated price is paid; ex: noted in the terms section as n/30 meaning net amount due within 30 days of invoice
Term
Parol Evidence Rule
Definition
Evidence of oral statements made before signing a written contract cannot be presented in court to change or add to the terms of that written agreement
Term
Payment
Definition
Delivery of the agreed-upon price and the concurrent acceptance of it by the seller
Term
Price
Definition
The consideration (money) for a sale or contract to sell goods
Term
Receipt of goods
Definition
The buyer takes physical possession or control of goods
Term
Restitution
Definition
An order requiring the return of improperly obtained money or property
Term
Risk of loss
Definition
The responsibility for loss or damage to goods
Term
Sale
Definition
A contract in which ownership of goods transfers immediately from the seller to the buyer for a price
Term
Sale on approval
Definition
A sale in which goods are delivered to the buyer in an “on trial” or “on satisfaction” basis
Term
Sale or return
Definition
A completed sale in which the buyer has an option of returning the goods
Term
Shipment contract
Definition
Also called “Free On Board – shipping point” – the buyer pays freight from the shipping point to the destination, the title and risk of loss transfer to the buyer at the shipping point even if buyer does not yet have possession of goods
Term
Spamming
Definition
Sending mass, unsolicited advertisements over the internet
Term
Tender of delivery
Definition
To place the goods at the buyer’s disposal or to give notice to the buyer that delivery can be received
Term
Terms
Definition
How the payment for invoice is expected; if can be discounted, net payment , or interest added when past due
Term
Title
Definition
The right of ownership to goods
Term
Unconscionable contract
Definition
A contract (or clause in a contract) that would offend an honest person’s conscience and sense of justice. Contract terms do not need to be criminal nor violate a statue, but are merely unethical
Term
Unfair trade practice
Definition
A practice that misleads or has the potential to mislead a consumer
Term
Uniform Commercial Code (UCC)
Definition
A collection of laws that governs various US business transactions. Article 2 of UCC governs the sales of goods and contracts to sell goods in the future
Term
Unit pricing
Definition
Allows consumers to compare prices in relation to a standard unit of measure, such as an ounce or pound
Term
Voidable title
Definition
If goods are acquired through fraud, a mistake, undue influence, or by a minor, the title may be voided if the injured party elects to do so
Term
Warehouse receipt
Definition
Document given to a customer by the warehouse that is storing his or her goods
Term
Warranty
Definition
The seller’s assurance to the consumer that goods are not defective and are suitable for the intended use
Term
Warranty of title
Definition
Implied warranty that the seller of goods possesses a good, clean title to the goods and the title can be lawfully transferred to the buyer
Term
Warranty of fitness for a particular purpose
Definition
Implied warranty in which the seller (who knows the intended use) guarantees that the goods are suitable and fit for the purpose of the buyer’s needs
Term
Warranty of merchantability
Definition
Implied warranty that makes a merchant liable for goods that are not of fair quality and fit for the ordinary purposes for which such goods are used
Term
Weights and Measures Division of the National Institute of Standards
Definition
Promotes uniformity in weights and measures laws, regulations, and standards
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