1. abandon
    discard with no intention to reclaim
  2. accession
    aquiring property by adding property of another to one's own
  3. acceptance
    assent of buyer to become owner of goods; assent to an offer resulting in a contract; drawee's signed agreement to pay draft
  4. auction
    oral sale of property to the highest bidder
  5. auction w/ reserve
    auction goods may be withdrawn after bidding starts
  6. bailor
    person who gives up possession of bailed property
  7. bailee
    person in possesion of bailed property
  8. bidder
    person who makes offer at auction
  9. bill of lading
    receipt & contract between consignor & carrier
  10. bill of sale
    written evidence of title to tangible personal property
  11. carrier
    transporter of goods, people or both
  12. common carrier
    one that under takes to transport without discrimination all who apply for service
  13. private carrier
    carrier that transports under special arrangements for a fee
  14. caveat emptor
    let the buyer beware
  15. confusion
    inseparable mixing of goods of different owners
  16. consignment
    transfer of possession of goods for purpose of sale
  17. consignor
    one who ships by common carrier
  18. consignee
    one to whom goods are shipped
  19. constructive bailment
    bailment imposed when a person controls lost property
  20. conversion
    obtaining possession of property & converting it to own use
  21. creation
    bringing property into being
  22. liability of common carriers of goods:
    • 1. acts of god
    • 2. acts of a public authority
    • 3. inherent nature of the goods
    • 4. acts of the shipper
    • 5. acts of public enemy
  23. nature of the goods
    carrier is not liable for damage due, such as decay of vegetables, fermation or evaporation of liquids, & death of live stock as a result of natural causes or the fault of other animals
  24. exisiting goods
    good that are in being & owned by the seller
  25. identified goods
    goods picked to be delivered to the buyer
  26. fungible goods
    goods of a homogeneous nature sold by weight or measure
  27. fair credit reporting act
    requires creditors to notify a potential receipient of credit whenever any adverse action or denial of credit was based on a creditor report
  28. gift
    transfer of ownership without consideration
  29. injunctive powers
    power to issue cease-and-desist orders
  30. intangible personal property
    evidence of ownership of right or value
  31. judicial admission
    fact acknowledge in course of legal proceeding
  32. magnuson-moss warranty act
    requires that written warranties for consumer goods meet certain requirements
  33. pawn
    tangible personal property left as security for a debt
  34. pledge
    intangible property serving as security as security for a debt
  35. price
    consideration in a sales contract
  36. property
    anything that may be ownened
  37. receipt
    taking possession of goods
  38. sale
    transfer of title to goods for a price
  39. straight bill of lading
    contract requiring delivery of shipped goods to consignee only
  40. tangible personal property
    personal property that can be seen, touched, & possessed
  41. truth-in-lending act
    • (TILA) requires lenders to make certain written disclosures to borrowers before written disclosures:
    • 1. finance changes
    • 2. annual percentage rate
    • 3. number, amount & due dates of all payments, including any ballon payments-payments that are more than twice the normal installment payment
  42. types of bailments
    • 1. bailment for the sole benefit of the bailor
    • 2. bailment for the sole benefit of the bailee
    • 3. mutual-benefit bailment
  43. Examples of bailment for the sole benefit of the bailor
    when a person takes care of a pet for a vacationing friend
  44. examples of bailment for the sole benefit of the bailee
    when someone's personal property is borrowed
  45. examples of mutual-benefit bailment
    a tv left to be repaired; laundry & dry cleaning contracts & the rental of personal property, such as an automobile of furniture
  46. warehouse receipt
    document of title issued by storage company for goods stored
  47. warranty
    assurance goods conform to a standard; statement of insured that relates to risk & is in contract
  48. types of warranties
    • express warranty
    • implied warranty
    • full warranty
    • limited warranty
  49. express warranty
    statement of guarantee by seller
  50. implied warranty
    warranty imposed by law
  51. full warranty
    warranty with unlimited duration of implied warranties and agreements to remedy defects without charge
  52. limited warranty
    written but not full warranty
Card Set
Exam 3