A sale in which the purchaser receives possession of and the right to use certain goods, but title remains with the seller until the performance of a condition is met by the buyer. Usually, this condition is the buyer's full payment of the...
contracts
Conditional Sale
Definition
Conditions of Carriage
Definition from Nolo’s Plain-English Law DictionaryThe terms of the contract with an airline after purchasing a ticket. Conditions of carriage cover everything from baggage limitations to the amount of compensation the passenger can recover if injured on...
Confession of Judgment
Definition from Nolo’s Plain-English Law DictionaryUsually, a clause within a promissory note, allowing the creditor to, upon nonpayment by the borrower, get a court judgment for the amount owed and in some cases collect from the borrower's assets, all...
Conforming Goods
In sales law, goods that meet the specifications of the sales contract.
See [http://www.law.cornell.edu/ucc/2A/article2A.htm#s2A-103|UCC § 2A-103].
Conscious Parallelism
Conscious parallelism refers to businesses changing their prices to reflect the prices of competitors within a market without colluding or communicating with competitors. Unlike price-fixing which involves conscious agreement between...
Consequential Damages
Damages suffered because of the injured party's particular circumstances. Also called special damages, since they result from a breach of contract and yet would not necessarily be incurred by every injured party experiencing that breach....
Consideration
Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.
Consign
Transferring possession of goods through consignment.
Consignee
Someone to whom goods are consigned. The consignee takes possession of the goods and usually puts them on sale with the aim of paying the owner from the proceeds.
See Consignor (contrast).
Consignment
In general, the act of transferring possession of goods to another, who might simply take charge but more commonly try to sell them. The owner of the goods can then be paid from the proceeds of the sale.
Under the UCC, a transaction more...