Illinois Compiled Statutes 810 ILCS 5/2-103 – Definitions and index of definitions
Current as of: 2024 | Check for updates
|
Other versions
(1) In this Article unless the context otherwise requires
(a) “Buyer” means a person who buys or contracts to
(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 2-606.
“Banker’s credit”. Section 2-325.
“Between merchants”. Section 2-104.
“Cancellation”. Section 2-106(4).
“Commercial unit”. Section 2-105.
“Confirmed credit”. Section 2-325.
“Conforming to contract”. Section 2-106.
“Contract for sale”. Section 2-106.
“Cover”. Section 2-712.
“Entrusting”. Section 2-403.
“Financing agency”. Section 2-104.
“Future goods”. Section 2-105.
“Goods”. Section 2-105.
“Identification”. Section 2-501.
“Installment contract”. Section 2-612.
“Letter of Credit”. Section 2-325.
“Lot”. Section 2-105.
“Merchant”. Section 2-104.
“Overseas”. Section 2-323.
“Person in position of seller”. Section 2-707.
“Present sale”. Section 2-106.
“Sale”. Section 2-106.
“Sale on approval”. Section 2-326.
“Sale or return”. Section 2-326.
“Termination”. Section 2-106.
(3) “Control” as provided in Section 7-106 and the following definitions in other Articles apply to this Article:
“Check”. Section 3-104.
“Consignee”. Section 7-102.
“Consignor”. Section 7-102.
“Consumer goods”. Section 9-102.
“Dishonor”. Section 3-502.
“Draft”. Section 3-104.
(4) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
“Acceptance”. Section 2-606.
“Banker’s credit”. Section 2-325.
“Between merchants”. Section 2-104.
“Cancellation”. Section 2-106(4).
“Commercial unit”. Section 2-105.
“Confirmed credit”. Section 2-325.
“Conforming to contract”. Section 2-106.
“Contract for sale”. Section 2-106.
“Cover”. Section 2-712.
“Entrusting”. Section 2-403.
“Financing agency”. Section 2-104.
“Future goods”. Section 2-105.
“Goods”. Section 2-105.
“Identification”. Section 2-501.
“Installment contract”. Section 2-612.
“Letter of Credit”. Section 2-325.
“Lot”. Section 2-105.
“Merchant”. Section 2-104.
“Overseas”. Section 2-323.
“Person in position of seller”. Section 2-707.
“Present sale”. Section 2-106.
“Sale”. Section 2-106.
“Sale on approval”. Section 2-326.
“Sale or return”. Section 2-326.
“Termination”. Section 2-106.
(3) “Control” as provided in Section 7-106 and the following definitions in other Articles apply to this Article:
“Check”. Section 3-104.
“Consignee”. Section 7-102.
“Consignor”. Section 7-102.
“Consumer goods”. Section 9-102.
“Dishonor”. Section 3-502.
“Draft”. Section 3-104.
(4) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.