§ 55-2-101 Short title
§ 55-2-102 Scope; certain security and other transactions excluded from this article
§ 55-2-103 Definitions and index of definitions
§ 55-2-104 Definitions; “merchant”; “between merchants”; “financing agency”
§ 55-2-105 Definitions: transferability; “goods”; “future” goods; “lot”; “commercial unit.”
§ 55-2-106 Definitions; “contract”; “agreement”; “contract for sale”; “sale”; “present sale”; “conforming” to contract; “termination”; “cancellation”; hybrid transaction.”
§ 55-2-107 Goods to be severed from realty; recording
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Terms Used In New Mexico Statutes > Chapter 55 > Article 2 > Part 1

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • buyer: means a person who buys or contracts to buy goods. See New Mexico Statutes 55-2-103
  • 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 New Mexico Statutes 55-2-106
  • 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.
  • Hybrid transaction: means a single transaction involving a sale of goods and: (a) . See New Mexico Statutes 55-2-106
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • present sale: means a sale that is accomplished by the making of the contract. See New Mexico Statutes 55-2-106
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • seller: means a person who sells or contracts to sell goods. See New Mexico Statutes 55-2-103
  • Statute: A law passed by a legislature.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC