Vocabulary

1. seller who deals regularly in a particular type of goods or who claims special knowledge in a certain type of sales transaction.
4. contract in which ownership of goods transfers from the seller to a buyer for a price
7. exchange of goods for goods
8. buyer takes physical possession or control of the goods
10. buyer in sales of goods and contracts to sell
12. consideration for a contract to sell or sale of goods.
13. seller who does not meet the definition of a merchant
15. a collection of rights that allow the use and enjoyment of property
18. selling a fractional interest in a single good or in a number of goods that are to remain together.
21. Transfer transfer generally by sale, of all or major part of the goods of a business in one unit at a time
22. shipping term meaning “free on board”
23. to Sell transaction in which transfer of ownership is to take place in the future
24. subject matter of the contract is placed within the possession or control of owner
26. public sale to the highest bidder

2. physically existing goods owned by the seller
3. completed sale in which the buyer has option of returning the goods
5. sale that, by agreement of the parties, calls for payment for the goods at a later date
6. innocent third party to a fraudulent transfer of goods who gives value to the goods and acquires rights in them
9. “cost, insurance, freight” price
11. items of tangible, movable, personal property
13. collect on delivery
14. delivery of the agree upon price and the concurrent acceptance by the seller.
16. to place the goods at the buyer’s disposal or to give notice to the buyer that the delivery can be received.
17. receipt that services as written evidence of the transfer of ownership of goods
18. goods are delivered to the buyer in an “on trial” or “on satisfaction” basis
19. goods that are not both existing and identified.
20. designated subject matter of a particular sales contract
25. seller in sales of goods and contracts to sell