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.
North Dakota General Form of Agreement for the Sale of Goods The North Dakota General Form of Agreement for the Sale of Goods is a legally binding contract used in the state of North Dakota to document the sale of goods between a seller and a buyer. This agreement outlines the terms and conditions of the sale, ensuring both parties understand their rights and obligations throughout the transaction. Key elements of the North Dakota General Form of Agreement for the Sale of Goods include: 1. Parties involved: The agreement clearly identifies the seller and the buyer, outlining their legal names and addresses. This ensures that the contract is enforceable and that both parties have legal standing. 2. Description of goods: The agreement provides a detailed description of the goods being sold, including specifications, quantity, quality, and any relevant identifying information. This description ensures that both parties are on the same page regarding the nature of the goods being bought and sold. 3. Purchase price: The agreement specifies the agreed-upon purchase price for the goods. This price may be a fixed amount or may provide a mechanism for determining the price based on factors such as market value or other agreed-upon criteria. 4. Payment terms: The agreement sets out the payment terms for the sale. It may include details such as the method of payment, due dates, and any applicable interest or penalties for late payments. These terms ensure that both parties are aware of their financial responsibilities and expectations. 5. Delivery terms: The agreement outlines the delivery terms, including the place and date of delivery, responsibilities for shipping costs, and any specific conditions or requirements for the transportation of the goods. These terms ensure that both parties understand their obligations regarding the delivery of the goods. 6. Title and risk of loss: The agreement clarifies when the title and risk of loss transfer from the seller to the buyer. This detail is crucial in determining who bears the responsibility for the goods in case of damage or loss during transit. 7. Warranties and disclaimers: The North Dakota General Form of Agreement for the Sale of Goods may include provisions related to warranties, such as warranties of merchantability or fitness for a particular purpose. It may also contain disclaimers, limiting the seller's liability in certain circumstances. It is important to note that while the term "North Dakota General Form of Agreement for the Sale of Goods" is commonly used, there may not be specific subtypes or variations of this agreement specific to North Dakota. However, variations or customization of this general form may exist for specific industries or unique circumstances. It is recommended to consult legal professionals or utilize industry-specific templates when necessary. In conclusion, the North Dakota General Form of Agreement for the Sale of Goods is a comprehensive legal document that protects the rights and interests of both sellers and buyers in North Dakota. By clearly defining the terms and conditions of the sale, this agreement promotes fair and transparent transactions.
