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 South Dakota General Form of Agreement for the Sale of Goods is a legally binding document that outlines the terms and conditions for the purchase and sale of goods in the state of South Dakota. This agreement serves as a standard template that can be used by individuals and businesses engaged in selling or purchasing goods. The main purpose of this agreement is to establish a clear understanding between the buyer and seller regarding the specifics of the transaction. It includes important information such as the names and addresses of both parties, a detailed description of the goods being sold, the purchase price, payment terms, delivery terms, and any additional terms or conditions that both parties need to agree upon. It is worth noting that there may be different types or variations of the South Dakota General Form of Agreement for the Sale of Goods, depending on the nature of the goods being sold or specific industry requirements. Some examples of these variations include: 1. South Dakota General Form of Agreement for the Sale of Goods — Consumer Electronics: This specific variation focuses on transactions involving consumer electronics, covering aspects such as warranties, returns, and product specifications applicable to electronic devices. 2. South Dakota General Form of Agreement for the Sale of Goods — Agricultural Products: Designed specifically for the buying and selling of agricultural goods, this variation may include provisions related to crop quality, farming practices, and storage requirements. 3. South Dakota General Form of Agreement for the Sale of Goods — Real Estate: This particular form is tailored for property transactions, covering elements like land title, property boundaries, and any specific legal requirements related to real estate sales. 4. South Dakota General Form of Agreement for the Sale of Goods — Automotive: Aimed at transactions involving the sale of vehicles, this variation may include considerations such as vehicle condition, mileage, and disclosures related to previous accidents or damage. It is important to select the appropriate variation of the South Dakota General Form of Agreement for the Sale of Goods that aligns with the specific requirements of your transaction. Consulting with a legal professional or using industry-specific templates can help ensure that the agreement covers all necessary details and protects the rights and interests of both the buyer and the seller.
