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A comprehensive set of laws governing all commercial transactions in the United States and is relevant for sales and lease contracts.

In contract law, an offer is an invitation for a contract and acceptance is the agreement by the offeree to the terms of the offer.

Something of value exchanged between parties that is necessary for a contract to be legally binding.

In sales law, risk of loss refers to the responsibility for damage or loss of goods, which varies depending on the contract terms and delivery method.

A guarantee by the seller to the buyer that the seller has good title to the goods and that transfer of title is rightful without any liens or encumbrances.

An explicit guarantee by the seller regarding the quality, capability, or other characteristic of the goods.

A warranty that is not expressly stated but is implied by law to protect consumers, such as warranty of merchantability and warranty of fitness for a particular purpose.

A situation where the risk of loss and title to the good remains with the seller until the buyer approves or accepts the goods.

A sale in which the buyer has the right to return the goods to the seller without obligation, if the goods fail to meet certain specified requirements.

A contract between a lessor and lessee for the use of property or goods for a specified period of time in exchange for payment.

A legal claim or lien on collateral that gives the creditor the right to repossession if the debtor defaults on the obligation.

A transfer in a sale or lease where all or a substantial part of a business's inventory is sold or leased outside the ordinary course of business.

An agreed upon amount of damages specified in a contract that the parties agree is a reasonable estimation of the damages in case of a breach.

The legal means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.

A declaration by the promising party to a contract that they do not intend to live up to their obligations under the contract.

A lease agreement where the lessor does not select, manufacture, or supply the goods, and the leased goods are acquired for the lessee's use by a financier.

A principle in sales law that requires the seller to deliver goods that conform perfectly to the contract specifications.