Vermont Statutes Title 9 Sec. 2-326
Terms Used In Vermont Statutes Title 9 Sec. 2-326
- Buyer: means a person who buys or contracts to buy goods. See
- Contract: A legal written agreement that becomes binding when signed.
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Statute: A law passed by a legislature.
§ 2—326. Sale on approval and sale or return; rights of creditors
(1) Unless otherwise agreed, if delivered goods may be returned by the buyer even though they conform to the contract, the transaction is:
(a) a “sale on approval” if the goods are delivered primarily for use; and
(b) 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 article (§ 2—201) and as contradicting the sale aspect of the contract within the provisions of this article on parol or extrinsic evidence (§ 2—202). (Amended 1999, No. 106 (Adj. Sess.), § 7, eff. July 1, 2001.)