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Output contract
A contract in which the buyer agrees to buy and the seller agrees to sell all of a kind of goods that the seller produces.
Perfect tender rule
A rule that permits a buyer to reject goods if they fail to conform to the contract in any respect.
The practice of making exaggerated claims for promotional purposes.
Requirements contract
A contract in which the seller agrees to sell and the buyer agrees to buy all of the kinds of goods that the buyer requires.
Risk of loss
The risk of liability for loss of or damage to goods after they have been sold.
The passing of ownership rights from the seller to the buyer for a price.
Sales contract
A contract for the sale of goods.
Shipment contract
A contract for goods in which the sellers bears the risk of loss from damage only until they are brought to the place of shipment.
Tangible property
Property that has physical existence and that can be touched or seen.
Tender of delivery
When the seller makes conforming goods available and gives notice that enables the buyer to take delivery.
Evidence of ownership rights.
Uniform Commercial Code (UCC)
A uniform act promulgated to harmonize the law of sales and commercial transactions across the United States through adoption by all 50 states.