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 transferor is the seller or vendor, and the transferee is the buyer or vendee.
Most goods are tangible and solid, such as an automobile or a chair. But goods may also be fluid, such as oil or gasoline. Goods may also be intangible, such as natural gas and electricity. The UCC is applicable to both new and used goods.
Goods that are physically existing and owned by the seller at the time of the transaction are called existing goods. All other goods are called future goods. Future goods include both goods that are physically existing but not owned by the seller and goods that have not yet been produced .
Before an interest in goods can pass from seller to buyer, the goods must exist, and they must be identified to the contract. For passage of title, goods must be identified in a way that will distinguish them from all similar goods. Identification gives a buyer the right to obtain insurance on goods and the right to recover from third parties who damage goods. Sometimes, identification allows the buyer to take goods from the seller. Regarding future goods, occurs when they are shipped, marked, or otherwise designated as the contract goods.
The Delaware General Form of Agreement for the Sale of Goods is a legally binding document that outlines the terms and conditions of a sales transaction in the state of Delaware. This agreement is specifically designed for the sale of goods, and it covers a wide range of provisions related to the purchase, delivery, payment, and warranties of the goods being sold. The Delaware General Form of Agreement for the Sale of Goods is applicable to various types of sales transactions, such as the sale of electronics, vehicles, furniture, appliances, and other tangible goods. It is primarily used by businesses and individuals engaging in commercial activities within the state of Delaware. Key provisions included in the Delaware General Form of Agreement for the Sale of Goods are: 1. Identification of the parties: The agreement clearly identifies the buyer and seller involved in the transaction, including their legal names, addresses, and contact information. 2. Description of the goods: A detailed description of the goods being sold is provided, including their quantity, quality, specifications, model numbers, or any other distinguishing features. 3. Purchase price and payment terms: The total purchase price of the goods is specified, along with the currency, payment method, and any installment arrangements or financing options agreed upon. 4. Delivery terms: The agreement outlines the terms and conditions regarding the delivery of the goods, including the agreed delivery date, location, and any associated shipping costs or responsibilities. 5. Risk of loss or damage: The allocation of risk, responsibility, and liability for any loss or damage to the goods during transit or delivery is clearly defined. 6. Warranties and disclaimers: The agreement may include warranties provided by the seller regarding the quality, fitness for purpose, or any defects of the goods. It also outlines any disclaimers or limitations of liability. 7. Remedies for breach: The rights and remedies available to the parties in case of a breach of the agreement are specified, including the option for damages, specific performance, or cancellation of the contract. Different types or variations of the Delaware General Form of Agreement for the Sale of Goods may exist, depending on the specific industry or goods being sold. For instance, there might be separate forms tailored for the sale of automobiles, electronics, or agricultural products. However, the basic structure and key provisions will generally remain the same, with necessary modifications to suit the specific circumstances of the transaction.
