Business Law Exam 3

Discard with no intention to reclaim.

Acquiring property by adding property of another or one's own

Assent of buyer to become owner of goods; assent to an offer resulting in a contract; drawee's signed agreement to pay a draft

Auction goods may be withdrawn after bidding starts

Oral sale of property to the highest bidder

Person who gives up possession of bailed property

Person in possession of bailed property

Person who makes offer at auction

Receipt and contract between cosigner and carrier

Written evidence of title to tangible personal property.

Transporter of goods, people, or both

One that undertakes to transport without discrimination to all who apply for service

Carrier that transports under special arrangements for a fee

Let the buyer beware

Inseparable mixing of goods of different owners.

Transfer of possession of goods for purpose of sale

One who ships by common carrier

One to whom goods are shipped

Bailment imposed when a person controls lost property

Obtaining possession of property and converting it to own use

Bringing property into being

Define: The carrier is not liable for unusual occurrences such as: floods, snowstorms, tornadoes..etc. (Rainstorms are NOT considered an Act of God)

Acts of the shipper that can cause loss include misdirection of the merchandise failure to indicate fragile contents and improper packing.

An act of a public authority occurs if public officials seize illicit goods, or if health officials seize goods that are a menace to health. The carrier is not liable for such loss.

Organized warfare or border excursions of foreign bandits constitute acts of public enemy. Mobs, strikers and rioters are NOT classified as public enemies.

The carrier is NOT liable for damage due to the inherent nature of goods, such as: decay of vegetables, death of livestock (natural or fault of another animal), and fermentation or evaporation of liquids.

Goods that are in being and owned by the seller.

Goods picked to be delivered to the buyer

Goods not both existing and identified

Goods of a homogeneous nature sold by weight or measure

Requires creditors to notify a potential recipient of credit whenever any adverse action or denial of credit was based on a credit report.

Transfer of ownership without consideration

Power to issue cease-and-desist orders

Evidence of ownership of rights or values

Fact acknowledged in course of legal proceeding

The Magnuson-Moss Warranty and Federal Trade Commission Improvements Act requires that written warranties for consumer goods meet certain requirements.

Tangible personal property left as security for a debt

Intangible property serving as security for a debt

Consideration in a sales contract

Anything that may be owned

Taking possession of goods

Transfer of title to goods for a price

The cosignee alone is designated as the one to whom the goods are to be delivered

Personal property that can be seen, touched, and possessed

Requires lenders to make certain disclosures to borrowers before extending credit. These disclosures include finance charge, the annual percentage rate, and the number, amount, and due dates of all payments, including all balloon payments( payments that are more than twice the normal amount.)

Document of title issued by storage company for goods stored

If one holds another's personal property for the benefit of the owner, a bailment for the sole benefit of the bailor exists.

If the bailee holds and uses another's personal property, and the owner of the property receives no benefit or compensation, a bailment for the sole benefit of the bailee exists.

Most bailments exist for the mutual benefit of both the bailor an the bailee. Ex: TV left to be repaired; laundry and dry cleaning contracts...etc.

Assurance article conforms to a standard

Statement of guarantee by seller

Warranty imposed by law

Warranty with unlimited duration of implied warranties

Written warranty, not a full warranty