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Simple English definitions for legal terms

free on board (FOB)

Read a random definition: paydown

A quick definition of free on board (FOB):

Free on board (FOB) is a term used in the sale of goods. It means that the seller will put the goods on a ship at a specific place without charging the buyer for packing, shipping, or other expenses. At this point, the buyer becomes the owner of the goods and is responsible for any damage or loss that may occur during shipping. The seller must ship the goods in the manner provided in the agreement, and the buyer must give any necessary instructions for delivery. The buyer must also pay for the goods when the required documents are presented.

A more thorough explanation:

Definition: Free on board, or FOB, is a term used in the sale of goods. It means that the seller will place the purchased goods on board a vessel for shipment at a designated location without any cost to the buyer for packing, postage, or cartage. At this point, the legal title, rights, and risk of loss pass from the seller to the buyer. The designated location is usually a transportation depot.

For example, if a buyer in New York purchases goods from a seller in China with FOB terms, the seller will be responsible for shipping the goods to a designated location in China and loading them onto a vessel. Once the goods are on board, the legal title and risk of loss pass to the buyer, who is responsible for any further transportation costs and risks.

The Uniform Commercial Code (UCC) provides specific terms for FOB. According to UCC § 2-319, unless otherwise agreed:

  • If the term is FOB the place of shipment, the seller must ship the goods at that place and bear the expense and risk of putting them into the possession of the carrier.
  • If the term is FOB the place of destination, the seller must transport the goods to that place and tender delivery of them.
  • If the term is FOB vessel, car, or other vehicle, the seller must load the goods on board at their own expense and risk.

Overall, FOB is a delivery term that specifies the responsibilities of the seller and buyer in the shipment of goods. It is important for both parties to understand the terms and agree upon them before making a purchase or sale.

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1a2b3c4d26z
17:07
100% chance at getting into a law school
umarrussell
17:07
i feel like you have to score fairly high to get in with GRE
1a2b3c4d26z
17:07
isn't 340 perfect?
1a2b3c4d26z
17:08
So i feel like they're fine
shaquilleoatmeal
17:08
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if when i called gtown they told me "you will 100% get a decision at the end of this week." and i DO not get a decision today. how badly am i legally allowed to crash out. like i have a feeling i ain't getting anything today 😭
1a2b3c4d26z
17:09
Crash out really hard
shaquilleoatmeal
17:09
https://imgur.com/a/rRr0oeT
1a2b3c4d26z
17:09
evol style
1a2b3c4d26z
17:09
Jk dont do that
shaquilleoatmeal
17:09
Use that bowl size to guess, I’ll give you a hit, protein fuckin packed
1a2b3c4d26z
17:09
which garmin do you have?
1a2b3c4d26z
17:10
If that pic is of you
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is it too late? its 2pm there
OMG U MEAN A NEW ALBUM OMGG NOW I CAN BE DISTRACTED AGAIN
shaquilleoatmeal
17:14
Nah not a Garmin, Apple watch
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MRS CLITTERUS
JumpySubsequentDolphin
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I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
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idk splitty :(
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