Maryland Code, COMMERCIAL LAW 2-106
Terms Used In Maryland Code, COMMERCIAL LAW 2-106
- Buyer: means a person who buys or contracts to buy goods. See
- Contract: A legal written agreement that becomes binding when signed.
- including: means includes or including by way of illustration and not by way of limitation. See
- present sale: means a sale which is accomplished by the making of the contract. See
- Seller: means a person who sells or contracts to sell goods. See
(2) 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.
(3) “Termination” occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On “termination” all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.
(4) “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 any unperformed balance.