Match each of the numbered definitions with the correct term in the following list. Write the letter of your choice in the answer column.
a. Conditional sales contract
b. Contract for labor and materials
c. Contract to sell
d. Insolvency
e. Reserve amount
f. Sale on approval
g. Sale or return
h. Title
i. Statute of limitations
j. Stoppage in transit
1. Ownership of goods. 1. ____________
2. A contract for the sale of goods of special design, construction, or manufacture.
2. ____________
3. A contract for sale that gives the buyer the title to goods and the opportunity of returning them to the seller at a later time. 3. ____________
4. A sales agreement whereby the seller retains title and the buyer can return the goods.
4. ____________
5. An agreement for the sale of future goods. 5. ____________
6. An amount used in auction sales that specifies the lowest acceptable bid.
6. ____________
7. A sales agreement whereby the seller retains title until the buyer pays for the goods.
7. ____________
8. A time limit after which legal remedies are no longer possible. 8. ____________
9. A state in which a person is unable to pay his or her debts. 9. ____________
10. The right of an unpaid seller to stop goods in transit and order the carrier to hold them for the seller. 10. ___________

  • CreatedOctober 01, 2015
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