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An offer is a clear indication of readiness to sell goods at certain terms, and acceptance is the unconditional agreement to those terms. This process forms the basis of a contract.

Consideration refers to the value that is promised to be exchanged in a sales contract. It's an essential element that validates a contract.

Capacity refers to the legal ability of a party to enter into a contract. Certain individuals, like minors or the mentally impaired, may not have full capacity to contract.

The legality aspect ensures that the contract is not for the sale of illegal goods or services, which would render the contract void.

Terms and conditions specify the rights, obligations, and responsibilities of each party involved in the sales contract.

Performance refers to the execution of the contract's obligations by the parties involved. Failure to perform constitutes a breach of contract.

A breach occurs when one party fails to fulfill their contractual duties. Remedies for breach include damages, specific performance, and rescission.

These are compensations or actions granted to the aggrieved party when the other party breaches the sales contract. It includes monetary damages, specific performance, and others.

Warranties are assurances regarding certain aspects of the goods sold, such as quality, title, or lack of encumbrances.

This is a statutory framework governing sales transactions and detailing the rights and obligations of buyers and sellers.

The UCC is a standardized set of laws governing commercial transactions, including sales of goods, adopted by most U.S. states.

This concept determines when ownership of the goods transfers from the seller to the buyer, which can affect risk of loss and other legal implications.

This determines which party bears the risk if the goods are lost, damaged, or destroyed after the sales contract is formed but before delivery.

Payment terms are conditions under which the seller will complete the sale in relation to the payment from the buyer, including timing and methods of payment.

Title refers to legal ownership of the goods, while security interests are legal claims by creditors to secure payment or performance of an obligation.

Sales law typically distinguishes between goods, which are tangible and movable, and services, which involve the provision of labor or skills.

Merchantable quality means that the goods sold must be of acceptable quality as generally understood by those knowledgeable in the trade.

These contracts involve parties from different countries and are often governed by international laws or treaties like the CISG (Convention on Contracts for the International Sale of Goods).

Product liability holds manufacturers, distributors, or retailers accountable for releasing a product that is defective and could cause harm to a consumer.

These laws protect the buyer from unfair, deceptive, or fraudulent practices by the seller and ensure consumer rights are upheld.

These policies dictate the conditions under which buyers can return purchased goods and get refunds, subject to certain terms.

An agency relationship occurs in sales when one person, the agent, is authorized to act on behalf of another, the principal, to create a contractual relationship with a third party.

Refers to negotiable instruments (like checks) and electronic payment systems used in sales transactions, governed by specific laws like Article 3 of the UCC.

Antitrust laws aim to protect trade and commerce from unfair restraints, monopolies, or price-fixing, affecting sales law through the regulation of business practices.

A principle that requires certain contracts, including those for sales of goods over a certain value, to be in writing to be enforceable.

Exclusion clauses in sales law aim to limit or exclude liability for certain breaches or malfunctions, but must pass tests of fairness and reasonableness.

In the digital age, sales contracts can be formed electronically, often via acceptance of terms and conditions online, with unique considerations for validity and enforceability.

Retail sales refer to transactions between a business and consumer for personal, family, or household use, governed by specific laws that protect consumers.

These are terms that, although not expressly stated, are assumed to be part of the contract due to the nature of the transaction, legal provisions, or court decisions.