Personal Law Chapter 14 vocabulary

good faith purchaser

Any party who buys without notice that would put an ordinary purchaser on guard as to the legitimacy of various aspects of the sale

negotiable

the proper transfer of the documents transfers title to the goods

bearer

A negotiable document of title may either name a titleholder or not do so. If it does not, the possessor of the documents

holder

Regardless, either the bearer or the named party

existing goods

are physically in existence and owned by the seller

identified goods

are existing goods that have been designated specifically as the subject matter of a particular sales contract

future goods

Unless goods are both existing and identified

fungible goods

An important exception to the process of identification is made for

tender of delivery

the seller places (or authorizes a carrier to place) the proper goods at the buyer's disposal and notifies the buyer so that delivery can be received

FOB

free on bored

CIF

cost, insurance, freight

bailee

has possession and control of the goods of another subject to an agreement to return the goods or deliver them to a third party

insurable interest

gives the buyer the right to buy insurance on the goods

credit sale

is simply a sale that, by agreement of the parties, calls for payment for the goods at a later date

COD

collect on delivery

sale or return

is a completed sale in which the buyer has an option of returning the goods

sale on approval

goods are delivered to the buyer in an "on trial," or "on satisfaction.

sale of an undivided interest

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

bulk transfer

is the transfer, generally by sale, of all or a major part of the goods of a business in one unit at one time