Unit II Vocab Consumer Laws

Carrier collects the price upon delivery and transmits to seller

Goods that are not both existing and identified

Agreement between companies to charge the same higher price

Requiring a company to stop the specified conduct

Prospective ownership and risk of loss do not pass until the prospective buyer approves the goods

A person who sells a fractional interest in a single good or in a number of goods that are to remain together

A statement about the product’s qualities or performance that the seller assures the buyer is true

Deemed to have title to the goods

Advertising that intentionally deceives, makes untrue claims, or fails to reveal facts

A public sale to the highest bidder

Determines who pays for transportation costs and who is liable for the goods until they are delivered

Let the seller beware

The sale of all or a major part of the goods of a business in one unit at one time

Contract in which the more powerful party dictates all the important terms (most likely to be unconscionable)

Becoming out of date

Declining in value because of wear and tear

Allows one or several persons to sue on behalf of many others similarly wronged

A receipt that serves as written evidence of the transfer of goods (makes resale of property easier)

the purchaser of goods

Tangible, movable personal property

Have been specifically designated as the subject matter of a particular sales contract

Sell only occasionally

Term or contract that, under the UCC, is grossly unfair and oppressive

When parties exchange goods for goods

Transfer of ownership to take place in the future

A sale that calls for payment for the goods at a later date

A contract in which ownership of goods transfers immediately from seller to buyer for a price

When the buyer delivers the agreed price and the seller accepts

Taking with the intent exercising ownership over the true owner's right of possession

A voluntary, court enforceable agreement to stop an illegal practice

This agency governs the sales of goods

The consideration for a sale

Physically in existence even though they may not be in a fully assembled, deliverable condition

A seller who deals regularly in a particular kind of goods or has special knowledge of a good

Luring buyers with an understocked, low-priced good only to sell them a more profitable one

An individual who acquires goods that are primarily intended for personal, family, or household use

Any method of business that is dishonest or fraudulent or illegally limits free competition

The return to customers of money wrongfully obtained

Let the buyer beware

Prohibited schemes that are disguised as legitimate business undertakings

The seller places the proper goods at the buyer’s disposal and notifies the buyer so delivery can be received

Innocent third party to a fraudulent transfer of goods who gives value to the goods and acquires rights to them

Goods of identical nature (do not have to be identified, so ownership changes hands at time of agreement)

Protects consumers from unfair business practices

The seller of goods

Requiring certain contracts to be evidenced by a signed writing in order to be enforceable in court