If the buyer is not satisfied with the goods after

This preview shows page 12 - 14 out of 23 pages.

basis.  If the buyer is not satisfied with the goods after inspection, the buyer has the right to return the goods in merchantable condition at the seller’s expense within ___ days of receipt for full credit (or full refund if prepaid).  Goods not returned within that time will be deemed accepted, with no further right to return.  Until the goods are accepted, the seller retains title to the goods.           On acceptance, the balance of the purchase price is to be paid according to the terms specified on the attached invoice.           Thank you for your business.  We hope the goods prove satisfactory and meet with your approval. ________________________ Seller ________________________ Address _________________________________________________________________________ SALE OR RETURN Date:_______________ To:______________________                                                                          Buyer _____________________                                                                          Address To whom it may concern:             The goods described on the attached order or invoice no. __ are sent to you for examination or in spection only.  The goods remain the property of the seller and are to be returned to the seller on demand.  Title to the goods does not pass until a bill is rendered for their payment.  Until returned, the buyer assumes responsibility for any damage or loss to the goods.  No right to sell, encumber, or otherwise dispose of the goods exists unless the buyer is billed or the seller consents in writing to the buyer’s disposal of the goods.            Thank you for your business.  We hope the goods prove satisfactory and meet your needs. ________________________ Seller ________________________ Address 2. Sale on Approval Under a sale on approval, until the buyer accepts, the seller retains title and risk of loss (from causes beyond the buyer’s control).  Acceptance can be made expressly, by any act inconsistent with the trial purpose or seller’s ownership, or by the buyer’s election not to return the goods within the trial period [UCC 2–327(1)]. D. R ISK   OF  L OSS  W HEN   A  S ALES   OR  L EASE  C ONTRACT  I S  B REACHED 1. When the Seller or Lessor Breaches
Image of page 12

Subscribe to view the full document.

CHAPTER 21:  TITLE, RISK, AND INSURABLE INTEREST          159 If goods are so nonconforming that a buyer or lessee has the right to reject them, risk of loss will not pass until the defects are cured or the buyer or lessee accepts the defective goods [UCC 2–510], 2A–220(1)(a).  If a buyer or lessee accepts and later discovers a latent defect, ac- ceptance can be revoked.  Revocation passes the risk back to the seller or lessor, at least to the
Image of page 13
Image of page 14

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern