New Jersey Statutes 12A:1-204. Value
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Terms Used In New Jersey Statutes 12A:1-204
- Contract: A legal written agreement that becomes binding when signed.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
12A:1-204. Value.
Except as otherwise provided in Chapters 3, 4, 5, and 6, a person gives value for rights if the person acquires them:
a. In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge back is provided for in the event of difficulties in collection;
b. As security for, or in total or partial satisfaction of, a preexisting claim;
c. By accepting delivery under a preexisting contract for purchase; or
d. In return for any consideration sufficient to support a simple contract.
L.2013, c.65, s.1.