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 North Carolina General Form of Agreement for the Sale of Goods is a legal document that outlines the terms and conditions for the sale/purchase of goods in the state of North Carolina. This written agreement is utilized when buyers and sellers engage in commercial transactions involving the transfer of tangible products or items of value. One type of North Carolina General Form of Agreement for the Sale of Goods is specifically designed for businesses within the state. It provides a standardized framework for transactions between businesses, ensuring clarity and legal protection for both parties involved. This agreement helps establish the obligations, responsibilities, and rights of the buyer and seller throughout the sales process. Another type of agreement is intended for transactions involving consumers. Known as the North Carolina General Form of Agreement for the Sale of Consumer Goods, it incorporates additional provisions to ensure the protection of consumer rights, in compliance with relevant consumer protection laws. This agreement is specifically tailored to address the unique concerns and considerations that arise in consumer sales. Regardless of the specific type, a typical North Carolina General Form of Agreement for the Sale of Goods generally includes key components such as: 1. Parties: The agreement identifies the buyer and seller involved in the transaction. Their names, contact information, and addresses are mentioned to establish their legal identities. 2. Description of Goods: A detailed description of the goods being sold is provided. This includes specifications, quantities, quality standards, and any relevant characteristics or features. It helps avoid misunderstandings or disputes regarding the nature of the goods. 3. Price and Payment Terms: The agreed-upon price for the goods is clearly stated, along with any applicable taxes, duties, or additional fees. The agreement also outlines the payment terms, such as the due date, accepted payment methods, and any installment plans, if applicable. 4. Delivery and Transportation: The agreement specifies the delivery terms, including the delivery date, location, and method of transportation. It may also cover responsibilities regarding packaging, insurance, and risk of loss during transit. 5. Inspections and Acceptance: This section defines the buyer's right to inspect the goods upon delivery and outlines the process for acceptance or rejection. It specifies any conditions or time frames within which the buyer must notify the seller of any defects or non-compliance with the agreed-upon terms. 6. Warranties and Limitations: The agreement covers any warranties provided by the seller, such as guarantees of quality, performance, or fitness for a particular purpose. It may also include limitations on the extent of these warranties or the liability of the seller. 7. Governing Law and Dispute Resolution: This section states that the agreement is governed by the laws of North Carolina and outlines the preferred method of dispute resolution, such as mediation, arbitration, or court litigation. Overall, the North Carolina General Form of Agreement for the Sale of Goods is a legally binding document that ensures parties involved in commercial transactions are aware of their rights and obligations. It provides a comprehensive framework for conducting business in a transparent and fair manner, fostering trust and accountability between buyers and sellers.
