Terms Used In Maryland Code > COMMERCIAL LAW > Title 22 > Subtitle 6 > SPECIAL TYPES OF CONTRACTS

• Buyer: means a person who buys or contracts to buy goods. See
• 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
• including: means includes or including by way of illustration and not by way of limitation. See
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
• Seller: means a person who sells or contracts to sell goods. See
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.