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Conforming goods
Goods that are in accordance with the terms of a contract.
Cure
To correct a defective delivery or performance under a contract.
Destination contract
A contract for goods that stipulates that the seller assumes the risk of loss from damage until they arrive at the destination specified in the contract.
Express warranty
A warranty created in a contract by a statement of fact about the goods sold which forms the basis of the bargain.
Firm offer
A binding written offer to sell goods that cannot be revoked for a time.
Goods
Tangible, moveable property.
Implied warranty
A warranty that is not expressly stated.
Implied warranty of fitness for a particular purpose
An implied guarantee that the goods being sold are fit for the purpose for which the buyer is purchasing them.
Implied warranty of merchantability
An implied guarantee that the goods being sold are of a quality that is generally acceptable in that line of trade.
Intangible property
Property that has only conceptual existence and that cannot be touched or seen.
Lease agreement
An agreement to transfer the right to use and possess goods for a time in exchange for payment.
Merchant
A person who trades in goods of a certain kind and who possesses expertise in the area of the goods.
Nonconforming goods
Goods that are not in accordance with the terms of a contract.
