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