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SALES CONTRACTS By Danielle Tucker & John Hoogerheide.

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Presentation on theme: "SALES CONTRACTS By Danielle Tucker & John Hoogerheide."— Presentation transcript:

1 SALES CONTRACTS By Danielle Tucker & John Hoogerheide

2 DO NOW At the Dan-Dee Discount Department Store, Jack and Jean Medina signed a contract to buy a clothes washer and dryer set. The Dan Dee salesperson explained that although the set on display was not in stock, “We will deliver and install it within two weeks.” While in the store, The Medinas left their car in the store’s automobile service department to have to have the engine’s idling speed adjusted and to have squeaks in the door eliminated. The charge for labor was $45. There was no charge for the parts or supplies. The service attendant recommended replacing the car’s tires and the Medinas agreed. The cost of the tires was $300, plus $25 for balancing and installation. The Medinas also bought a new battery for $59. It was installed for free of charge. Were all of these agreements sales?

3 VOCAB  Sale- contract where which ownership is transferred  Contract to sell- The transaction  Price- Consideration for a sale  Barter- when parties exchange goods for goods  Goods- Are tangible, moveable personal property  Payment- When the buyer delivers the agreed price and the seller accepts it  Vendor- what the seller is known as  Vendee- The purchaser  Bill of sale- is receipt that serves as written evidence of the transfer of ownership of goods

4 THE UCC  The UCC, The Uniform Commercial Code governs all sales of goods. It also governs contracts to sell goods in the future.

5 TRAITS OF SALES CONTRACTS  A sales contract may be made in any manner sufficient to show agreement.  There must be payment and acceptance.  Acceptance is shown when the goods are used, resold, or otherwise treated as if they were owned by the buyer.  In basic sales transactions, payment, delivery, and transfer of title take place simultaneously  Under the UCC, an offeror may state that the offer to buy or sell goods must be acceptance exactly as is or not at all

6 WHAT GOODS DO AND DO NOT INCLUDE By definition of the UCC Goods include  Airplanes  Books  Dogs Goods do not include  Money  Legal rights  Land

7 CLOSING The Tastie Treat Shop mailed an order of 500 one-pound boxes of fruit and nut candies to the Chocolate Castle Company. Chocolate Castle could have accepted the order by mail, telephone, wire, or fax machine. Instead, it immediately shipped the candy and simply added the usual amount to the next invoice mailed to the Tastie Treat Shop. Was the Chocolate Castle Company’s acceptance of the order valid?

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