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 Tennessee General Form of Agreement for the Sale of Goods is a legal document that outlines the terms and conditions of a sale between a buyer and a seller in the state of Tennessee. It serves to protect both parties by clearly defining their rights, obligations, and responsibilities in the transaction. The agreement covers various aspects, such as the identification of the goods being sold, the purchase price, delivery terms, payment terms, warranties, dispute resolution mechanisms, and any additional terms and conditions agreed upon by the parties. There are several types of Tennessee General Form of Agreement for the Sale of Goods, each designed to cater to specific situations or industries. Some common variations include: 1. Tennessee General Form of Agreement for the Sale of Goods — Standard: This is a generic agreement template that can be used for the sale of goods in various industries. It covers essential elements such as the description of the goods, delivery terms, and payment details. 2. Tennessee General Form of Agreement for the Sale of Goods — Wholesale: This specific agreement is intended for wholesale transactions, where goods are sold in large quantities to retailers or distributors. It may include provisions regarding minimum order quantities, bulk pricing, shipment logistics, and exclusivity agreements. 3. Tennessee General Form of Agreement for the Sale of Goods — Retail: This agreement type is tailored for retail sales, where goods are sold directly to consumers. It might include provisions related to warranties, returns, refunds, and consumer protection laws. 4. Tennessee General Form of Agreement for the Sale of Goods — International: This agreement is suitable for sales involving parties located in different countries. It encompasses additional provisions relating to international trade, such as customs, export/import regulations, currency exchange, and compliance with international trade laws. 5. Tennessee General Form of Agreement for the Sale of Goods — Consignment: This specific agreement is used when a seller wishes to sell goods on consignment, where the goods are kept and sold by a third-party consignee. It may address consignment terms, responsibilities of the consignor and consignee, commission rates, and return procedures. It is important to note that the Tennessee General Form of Agreement for the Sale of Goods serves as a starting point and can be customized to suit the specific needs of the parties involved. Consulting with a qualified attorney is recommended when drafting or entering into such agreements to ensure compliance with state laws and to protect the interests of both the buyer and seller.
