Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BusLawVocats9.01
| Question | Answer |
|---|---|
| A food or drug that contains any substance that will reduce its quality or strength below the minimum standard | Adulterated |
| 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 | Attorney General |
| A public sale to the highest bidder | Auction |
| Advertising a non-existent bargain to lure customers so they can be sold a more expensive item | Bait and Switch |
| A transaction in which goods are exchanged for goods | Barter |
| 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 | Better Business Bureau |
| A receipt for shipment of goods given by a transportation company (carrier) to the shipper when the carrier accepts goods for shipment | Bill of Lading |
| A receipt that serves as written or formal evidence of the transfer of ownership of goods | Bill of Sale |
| The transfer, generally by sale, of all or a major part of the goods of a business in one unit at one time | Bulk Transfer |
| A transportation company, ex: UPS, Yellow Freight, Fedex | Carrier |
| A sale where the buyer pays for the goods and takes ownership of the goods upon payment, risk attaches upon receipt of goods | Cash and Carry |
| Parties who sell only occasionally or do not otherwise meet the definition of merchant. Also called a non-merchant | Casual Seller |
| Latin for “Let the buyer beware” | Caveat emptor |
| Latin for “Let the seller beware” | Caveat venditor |
| A legally binding order issued by the court to stop a practice of using advertising that would mislead the public | Cease and desist |
| 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 | Class Action |
| 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 | Cooling Off Rule |
| Collect on delivery | COD |
| Goods are sent by a manufacturer to a retailer, but ownership and risk remain with the manufacturer until goods are sold. The retailer generally doesn't make payment for the goods unless goods are sold to consumer. | Consignment Sale |
| An individual who acquires goods that are primarily intended for personal, family, or household use | Consumer |
| Sets product standards for hazardous products (CPSC) | Consumer Product Safety Commission |
| A transaction in which the transfer of ownership is to take place in the future. Ex: crops, goods yet to be manufactured. | Contract to Sell |
| The United Nations agreement that regulates international sales contracts (CISG) | Contracts for the International Sale of Goods |
| 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 | Credit Sale |
| The act by which the subject matter of the contract is placed within the possession or control of goods | Delivery |
| 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 | Destination Contract |
| Terms of an invoice where a % reduction is taken on the invoice $ amount | Discount |
| Goods that are physically in existence even though they may not be in a fully assembled and immediately deliverable condition | Existing Goods |
| An oral or written guarantee by a manufacturer or seller | Express Warranty |
| Advertising that improperly deceives or conceals material facts | False and Misleading |
| Federal agency that enforces the laws of fair trade including the Fair Trade Act (FTC) | Federal Trade Commission |
| merchant’s written promise to hold an offer open for the sale of goods | Firm Offer |
| Sets product standards for food, drug, cosmetics and health aids (FDA) | Food and Drug Administration |
| Means goods will be delivered free to the designated place, the location where the title and risk of loss transfer (FOB) | Free on Board |
| An express warranty that obligates the seller to repair or replace a defective product without cost to the buyer within a reasonable time | Full Warranty |
| Goods that are not both existing and identified | Future Goods |
| An innocent third party to a fraudulent transfer of goods who gives value for the goods and acquires rights in the property | Good Faith Purchaser |
| All tangible, movable personal property | Goods |
| A promise or assurance of the quality of a product | Guarantee |
| Goods that have been specifically designated as the subject matter of a particular sales contract | Identified Goods |
| guarantee of quality imposed by law but not in writing | Implied Warranty |
| Protects consumers who return vehicles with major defects to authorized dealerships; exist at both state and federal levels | Lemon Laws |
| A warranty that provides restricted protection | Limited Warranty |
| Regulates the content of written warranties | Magnuson-Moss Act |
| 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 | Merchant |
| False or misleading labeling or packaging of food, drugs, or cosmetics | Misbranded |
| 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 | Net |
| 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 | Parol Evidence Rule |
| An order requiring the return of improperly obtained money or property | Restitution |
| A contract in which ownership of goods transfers immediately from the seller to the buyer for a price | Sale |
| A sale in which goods are delivered to the buyer in an “on trial” or “on satisfaction” basis | Sale on Approval |
| A completed sale in which the buyer has an option of returning the goods | Sale on Return |
| 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 | Shipment Contract |
| Sending mass, unsolicited advertisements over the internet | Spamming |
| To place the goods at the buyer’s disposal or to give notice to the buyer that delivery can be received | Tender of Delivery |
| How the payment for invoice is expected; if can be discounted, net payment , or interest added when past due | Terms |
| The right of ownership to goods | Title |
| 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 | Unconscionable |
| A practice that misleads or has the potential to mislead a consumer-deceptive | Unfair Trade Practice |
| A collection of laws that governs various US business transactions (UCC) | Uniform Commercial Code |
| Allows consumers to compare prices in relation to a standard unit of measure, such as an ounce or pound | Unit Pricing |
| 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 | Voidable Title |
| Document given to a customer by the warehouse that is storing his or her goods | Warehouse Receipt |
| The seller’s assurance to the consumer that goods are not defective and are suitable for the intended use | Warranty |
| 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 | Warranty of Title |
| 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 | fitness for a particular purpose |
| 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 | merchantability |
| Promotes uniformity in weights and measures laws, regulations, and standards | Weights and Measures Division of the National Institute of Standards |
| The consideration (money) for a sale or contract to sell goods | Price |
| Delivery of the agreed-upon price and the concurrent acceptance of it by the seller | Payment |
| Manufacturers and sellers are responsible for injuries to consumers when they place defective, unhealthy, or unsafe items on the market | Product Liability |
Created by:
melinda.fornes
Popular Business sets