Sale on approval and sale or return; consignment sales and rights of creditors

  1. Law
  2. Mississippi Code
  3. Regulation of Trade, Commerce and Investments
  4. Uniform Commercial Code - Sales
  5. General Obligation and Construction of Contract
  6. Sale on approval and sale or return; consignment sales and rights of creditors

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  1. Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is
    1. A "sale on approval" if the goods are delivered primarily for use, and
    2. A "sale or return" if the goods are delivered primarily for resale.
  2. Goods held on approval are not subject to the claims of the buyer's creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer's possession.
  3. Any "or return" term of a contract for sale is to be treated as a separate contract for sale within the statute of frauds section of this chapter (Section 75-2-201) and as contradicting the sale aspect of the contract within the provisions of this chapter on parol or extrinsic evidence (Section 75-2-202).


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