Section 400.2-103

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.2-103.  Definitions and index of definitions. — (1)  In this article unless the context otherwise requires

  (a)  "Buyer" means a person who buys or contracts to buy goods.

  (b)  "Good faith" in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

  (c)  "Receipt" of goods means taking physical possession of them.

  (d)  "Seller" means a person who sells or contracts to sell goods.

  (2)  Other definitions applying to this article or to specified parts thereof, and the sections in which they appear are:

"Acceptance".	Section 400.2-606.
"Banker's credit".	Section 400.2-325.
"Between merchants".	Section 400.2-104.
"Cancellation".	Section 400.2-106(4).
"Commercial unit".	Section 400.2-105.
"Confirmed credit".	Section 400.2-325.
"Conforming to contract".	Section 400.2-106.
"Contract for sale".	Section 400.2-106.
"Cover".	Section 400. 2-712.
"Entrusting".	Section 400.2-403.
"Financing agency".	Section 400.2-104.
"Future goods".	Section 400.2-105.
"Goods".	Section 400.2-105.
"Identification".	Section 400.2-501.
"Installment contract".	Section 400.2-612.
"Letter of credit".	Section 400.2-325.
"Lot".	Section 400.2-105.
"Merchant".	Section 400.2-104.
"Overseas".	Section 400.2-323.
"Person in position of seller".	Section 400.2-707.
"Present sale".	Section 400.2-106.
"Sale".	Section 400.2-106.
"Sale on approval".	Section 400.2-326.
"Sale or return".	Section 400.2-326.
"Termination".	Section 400.2-106.

  (3)  The following definitions in other articles apply to this article:

"Check".	Section 400.3-104.
"Consignee".	Section 400.7-102.
"Consignor".	Section 400.7-102.
"Consumer goods".	Section 400.9-102.
"Dishonor".	Section 400.3-502.
"Draft".	Section 400.3-104.

  (4)  In addition article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.

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(L. 1963 p. 503 § 2-103, A.L. 2001 S.B. 288)

Effective 7-01-01