47-2106. 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 (section 47-2401). A " present sale" means a sale which is accomplished by the making of the contract.
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 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.
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 any unperformed balance.
Section: Previous 47-1309 47-1310 47-2101 47-2102 47-2103 47-2104 47-2105 47-2106 47-2107 47-2201 47-2202 47-2203 47-2204 47-2205 47-2206 NextLast modified: October 13, 2016