1. 1.1 16.1 Chapter 16: Sales of Personal Property Law for Business, 15e by Ashcroft Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

2. 16.2 Chapter 16 Objectives  Define “goods.”  Define a “sale” of goods and distinguish it from a contract to sell.  Distinguish between existing and future goods.

3. 16.3 Sales Contracts  A contract to sell will happen in the future; contract of sale has already happened.  Title is ownership of the subject matter and is transferred at once upon sale.  Article 2 of the UCC governs sales of goods but not agreements to perform services.  The price is consideration in a sales contract, usually expressed in money.

4. 16.4 Types of Goods  Existing goods are both in existence and owned by seller  Identified goods are those that the seller and buyer have agreed are to be received by the buyer or that have been picked out by the seller  Future goods are not yet in existence

5. 16.5 Bills of Sale  A bill of sale serves two purposes:  Proof of title  Proof the buyer obtained the goods legally  Generally, a buyer does not need a bill of sale as evidence of title, but it is very desirable! Bill of Sale

6. 16.6 Illegal Sales  If illegal sale is fully executed, a court won’t intervene to aid either party.  If the illegal sale is executory, it will not be enforced.  If the illegal part can be divided from the legal part, the legal part will be upheld.  If the sale in indivisible, the whole thing is illegal.

7. 16.7 International Sales Contracts  Parties may specify which country’s laws should prevail.  When the contract is not specific, the United Nations Convention on Contract for the International Sale of Goods governs.

8. 1.8 16.8 Do you have any questions about the sale of personal property?