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 New Jersey General Form of Agreement for the Sale of Goods is a legally binding document that outlines the terms and conditions governing the sale of goods in the state of New Jersey. This agreement is applicable to all types of sales transactions involving goods, whether they are tangible or intangible. Key features of the New Jersey General Form of Agreement for the Sale of Goods include: 1. Identification of the Parties: The agreement clearly identifies the seller and the buyer involved in the transaction. It includes their names, addresses, contact information, and any relevant identification numbers or business registration details. 2. Description of the Goods: The agreement provides a detailed description of the goods being sold. This includes their specifications, quantity, quality, and any applicable certifications or warranties. It ensures that both parties have a common understanding of what is being sold. 3. Purchase Price and Payment Terms: The agreement specifies the agreed-upon purchase price for the goods and outlines the payment terms. This includes information on whether full payment is required upfront or if partial payments or installments are allowed. Any applicable taxes or additional charges should also be clearly mentioned. 4. Delivery and Shipping: The agreement addresses the terms and conditions related to the delivery of the goods. This includes the method of transportation, delivery timelines, and any associated costs or responsibilities. It may also specify the party responsible for insurance coverage during transit. 5. Risk of Loss: The agreement determines at what point the risk of loss or damage to the goods transfers from the seller to the buyer. This clarifies the responsibilities of each party regarding the goods' condition during transit and delivery. 6. Inspection and Acceptance: The agreement outlines the buyer's right to inspect the goods upon delivery and sets forth any specific time limits for reporting any defects or non-compliance. It also establishes the procedures for accepting or rejecting the goods based on their condition and conformity to the agreed specifications. 7. Governing Law and Jurisdiction: The agreement specifies that it is subject to the laws of the state of New Jersey and determines the appropriate jurisdiction for resolving disputes or conflicts arising from the sale of goods. There are no specific variations or different types of the New Jersey General Form of Agreement for the Sale of Goods. However, parties may modify the agreement to suit their specific needs as long as any amendments are agreed upon and stated in writing by both parties. It is important to consult local legal professionals or services to ensure that the agreement complies with the relevant laws and regulations in New Jersey and adequately protects the interests of both the seller and the buyer.
