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Contract law. Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity ). Analysis of their operation is a traditional approach in contract law. This classical approach to contract formation has been modified by developments ...
v. t. e. A common carrier in common law countries (corresponding to a public carrier in some civil law systems, [ 1] usually called simply a carrier) [ 2] is a person or company that transports goods or people for any person or company and is responsible for any possible loss of the goods during transport. [ 3][ 4] A common carrier offers its ...
Delivery is a fundamental component of commerce and trade, and involves transport and distribution. The general process of delivering goods is known as distribution, while the study of effective processes for delivery and disposition of goods and personnel is called logistics. Firms specializing in delivering commercial goods from the point of ...
t. e. The posting rule (or mailbox rule in the United States, also known as the " postal rule " or " deposited acceptance rule ") is an exception to the general rule of contract law in common law countries that acceptance of an offer takes place when communicated. Under the posting rule, that acceptance takes effect when a letter is posted ...
Bailment is a legal relationship in common law, where the owner transfers physical possession of personal property ("chattel") for a time, but retains ownership. [ 1] The owner who surrenders custody of a property is called the "bailor" and the individual who accepts the property is called a "bailee". [ 2]
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
t. e. In contract law, a contract of sale, sales contract, sales order, or contract for sale[ 1] is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent). An obvious ancient practice of exchange, in many common law jurisdictions ...
FOB (shipping) FOB ( free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or ...