Business Law Final Definitions

Business Law Final Definitions - Business Law Definitions...

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Business Law Definitions Firm Offer Rule- an offer stated to be held open for a specified time, which must be so held in some states even in the absence of an option contract, or under the UCC, with respect to merchants Merchant- a seller who deals in specific classified by the UCC. Statue of Frauds- a statute that, in order to prevent fraud through the use of perjured testimony requires that certain kinds of transactions be in writing in order to be binding or enforceable Open Terms- If material terms were omitted the contract is not enforceable Open Price- Price not mentioned in contract; reasonable price Open Payment Terms- In the absence of an agreement otherwise, the seller gets paid when buyer receives good Time of Delivery- within a reasonable time Delivery Item- delivery is made at the seller’s place of business Quantity Term- this term will NOT be filled by the court FOB Place of Shipment- a “ship to” contract FOB Place of Destination- General commercial language for delivery to the buyer CIF- Cost, Insurance and Freight- seller must get the goods to a carrier and buy an insurance policy in the buyer’s name to cover the goods while in transit. Sale on Approval-
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Business Law Final Definitions - Business Law Definitions...

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