A sale of goods is a present transfer of title to movable property for a price. This price may be a payment of money, an exchange of other property, or the performance of services. The parties to a sale are the person who owns the goods and the person to whom the title is transferred. The assignor is the seller or vendor, and the assignee is the buyer or vendee.
The Tennessee General Form of Agreement for the Sale of Goods or Personal Property with Limitation of Remedies of the Buyer is a legal document used in transactions involving the sale of goods or personal property in the state of Tennessee. This agreement is designed to outline the terms and conditions of the sale, establish the rights and responsibilities of both the buyer and the seller, and limit the remedies available to the buyer in case of any issues or disputes. The Tennessee General Form of Agreement for the Sale of Goods or Personal Property with Limitation of Remedies of the Buyer typically includes the following key provisions: 1. Parties: Clearly identifies the buyer and seller involved in the transaction, including their names and contact information. 2. Description of Goods: Provides a detailed description of the goods or personal property being sold, including any specific features, quantity, quality, or condition. 3. Purchase Price: Specifies the agreed-upon purchase price for the goods or personal property, along with any applicable taxes, fees, or additional costs. 4. Delivery: Outlines the terms of delivery, including the method, location, and timing of delivery. This section may also cover any shipping and handling arrangements, if applicable. 5. Payment Terms: Sets forth the payment terms and conditions, including the due dates, accepted payment methods, and any penalties or interest in late payment. 6. Title and Risk of Loss: Clarifies when the title and risk of loss for the goods or personal property transfer from the seller to the buyer, typically upon delivery or at a specified time. 7. Inspection and Acceptance: Defines the buyer's right to inspect the goods or personal property upon delivery and outlines the procedure for acceptance or rejection of the goods if they do not meet the agreed-upon specifications. 8. Warranties: Addresses any warranties provided by the seller, if applicable, specifying the duration and scope of the warranties. It may also include any disclaimers or limitations of liability. 9. Limitation of Remedies: Highlights the specific remedies available to the buyer in case of non-conformity or defects in the goods or personal property, limiting them to repair, replacement, or refund as determined by the seller. This provision may also exclude certain types of damages, such as consequential or punitive damages. 10. Dispute Resolution: States the preferred method of resolving any disputes or claims that may arise from the agreement, such as through negotiation, mediation, or arbitration. It may also include a choice of law and venue clause, specifying which state's laws govern the agreement and where any legal proceedings should take place. It is important to note that variations of the Tennessee General Form of Agreement for the Sale of Goods or Personal Property with Limitation of Remedies of the Buyer may exist, tailored to specific industries or types of goods being sold. Some potential variations could include agreements for the sale of real estate property, vehicles, electronics, or any other specific item where different legal provisions may be necessary.
