402.103 Definitions and index of definitions.

340 words·~2 min read·/wi/chapter-402/402-103

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In this chapter 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 chapter or to specified sections thereof, and the sections in which they appear are:

(a)“Acceptance” — s. 402.606 .

(b)“Banker’s credit” — s. 402.325 .

(c)“Between merchants” — s. 402.104 .

(d)“Cancellation” — s. 402.106

(1).

(e)“Commercial unit” — s. 402.105 .

(f)“Confirmed credit” — s. 402.325 .

(g)“Conforming to contract” — s. 402.106 .

(h)“Contract for sale” — s. 402.106 .

(i)“Cover” — s. 402.712 .

(j)“Entrusting” — s. 402.403 .

(k)“Financing agency” — s. 402.104 .

(L)“Future goods” — s. 402.105 .

(m)“Goods” — s. 402.105 .

(n)“Identification” — s. 402.501 .

(o)“Installment contract” — s. 402.612 .

(p)“Letter of credit” — s. 402.325 .

(q)“Lot” — s. 402.105 .

(r)“Merchant” — s. 402.104 .

(s)“Overseas” — s. 402.323 .

(t)“Person in position of seller” — s. 402.707 .

(u)“Present sale” — s. 402.106 .

(v)“Sale” — s. 402.106 .

(w)“Sale on approval” — s. 402.326 .

(x)“Sale or return” — s. 402.326 .

(y)“Termination” — s. 402.106 .

(3)The following definitions in other chapters apply to this chapter:

(a)“Check” — s. 403.104 .

(b)“Consignee” — s. 407.102 .

(c)“Consignor” — s. 407.102 .

(d)“Consumer goods” — s. 409.102 .

(dm)“Control” — s. 407.106 .

(e)“Dishonor” — s. 403.502 .

(f)“Draft” — s. 403.104 .

(4)In addition ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.