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Business Law Ch 14
Business Law with UCC Applications Ch 14
| Question | Answer |
|---|---|
| Carrier | A business that undertakes to transport persons, goods, or both. |
| Commercial Unit | A single whole for the purpose of sale, the division of which impairs its character or value on the market, such as a set of furniture. |
| Cover | Buying similar goods from someone else when a seller breaches a contract. |
| Cure | The correction of a defect in goods that caused the goods to be rejected by a buyer. |
| Good Faith | Honesty in fact and observance of reasonable commercial standards of fair dealings in the trade. |
| Insolvent | Inability of a business entity to pay its debts as they become due in the usual course of business. |
| Legal Tender | Money that may be offered legally in satisfaction of a debt and that must be accepted by a creditor when offered. |
| Stoppage in Transit | A right of the seller, upon learning that the buyer is insolvent, to have the delivery of goods stopped before they reach their destination. |
| Tender of Delivery | An offer by the seller of goods to turn the goods over to the buyer. |
| Tender of Payment | An offer by the buyer of goods to turn the goods over to the seller. |
| Tender of Performance | An offer to do what one has agreed to do under the terms of a contract. |
| Unconscionable Contract | A contract that is so one-sided that it is oppressive and gives unfair advantage to one of the parties. |
| Writ of Replevin | A court order requiring a defendant to turn goods over to a plaintiff because the plaintiff has the right to immediate possession of the goods. |
| Express Warranties | Warranties made by means of a statement of other affirmation of fact. |
| Implied Warranties | Warranties imposed by the law. |
| Consequential Damages | Losses that do not flow directly and immediately from an act but only from some of the consequences or results of the act. |
| Consumer Products | Tangible personal property, normally used for personal, family, or household purposes. |
| Full Warranty | A warranty under which a defective product will be repaired or replaced without charge within a reasonable time after a complaint has been made about it. |
| Limited Warranty | A warranty that does not meet all of the requirements of a full warranty. |
| Warranty of Fitness for a Particular Purpose (An implied warranty that goods will be fit for a particular purpose.) | This warranty is given by the seller to the buyer of goods whenever the seller has reason to know of any particular purpose for which the goods are needed and the buyer relies on the seller's skill and judgment to select the goods. |
| Warranty of Merchantability | An implied warranty that goods are for the ordinary purpose for which such goods are used. Unless excluded, this warranty is always given by a merchant who sells goods in the ordinary course of business. |
| Warranty of Title | A warranty given by a seller to a buyer of goods that states that the title being conveyed is good and that the transfer is rightful. |
| Merchant | A person who deals in goods of the kind sold in the ordinary course of business or who otherwise claims to have knowledge or skills peculiar to those goods. |
| Shipment Contract | A contract under which a seller turns goods over to a carrier for delivery to a buyer. Both the title and risk of loss pass to the buyer when the goods are given to the carrier. |
| Merchantable Goods | Goods that are reasonably fit for the purpose for which they are sold. |
| Sales Puffery | Persuasive words or exaggerated arguments made by salespeople to induce customers to buy their product. As long as such comments are reserved to opinion and do not misstate facts they are not actionable as fraud even if they turn out to be in error. |
Created by:
dengler
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