Alaska Statutes 45.02.106 – Definitions: “contract”; “agreement”; “contract for sale”; “sale”; “present sale”; “conforming” to contract; “termination”; “cancellation.”

(a) In this chapter, unless the context otherwise requires, “contract” and “agreement” are limited to those relating to the present or future sale of goods. “Contract for sale” includes both a present sale of goods and a contract to sell goods at a future time. A “sale” consists in the passing of title from the seller to the buyer for a price (Alaska Stat. § 45.02.401). A “present sale” means a sale that is accomplished by the making of the contract.

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 45.02.106

buyer: means a person who buys or contracts to buy goods. See Alaska Statutes 45.02.103
Contract: A legal written agreement that becomes binding when signed.
present sale: means a sale that is accomplished by the making of the contract. See Alaska Statutes 45.02.106
seller: means a person who sells or contracts to sell goods. See Alaska Statutes 45.02.103

(b) Goods or conduct including any part of a performance are “conforming” or conform to the contract when they are in accordance with the obligations under the contract.

(c) “Termination” occurs when either party, under a power created by agreement or law, puts an end to the contract otherwise than for its breach. On “termination” all obligations that are still executory on both sides are discharged, but a right based on a prior breach of performance survives.

(d) “Cancellation” occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of “termination,” except that the cancelling party also retains any remedy for breach of the whole contract or an unperformed balance.

Previous section

Next section

Article 1 Contents