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Wisconsin Statutes (Last Updated: January 10, 2017) |
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Chapter 402. Uniform Commercial Code — Sales |
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SubChapter I. SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER |
Section 402.103. Definitions and index of definitions.
Latest version.
- (1) In this chapter unless the context otherwise requires:(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 chapter or to specified sections thereof, and the sections in which they appear are:(a) “Acceptance" — s. 402.606 .(b) “Banker's credit" — s. 402.325 .(c) “Between merchants" — s. 402.104 .(d) “Cancellation" — s. 402.106 (1) .(e) “Commercial unit" — s. 402.105 .(f) “Confirmed credit" — s. 402.325 .(g) “Conforming to contract" — s. 402.106 .(h) “Contract for sale" — s. 402.106 .(i) “Cover" — s. 402.712 .(j) “Entrusting" — s. 402.403 .(k) “Financing agency" — s. 402.104 .(L) “Future goods" — s. 402.105 .(m) “Goods" — s. 402.105 .(n) “Identification" — s. 402.501 .(o) “Installment contract" — s. 402.612 .(p) “Letter of credit" — s. 402.325 .(q) “Lot" — s. 402.105 .(r) “Merchant" — s. 402.104 .(s) “Overseas" — s. 402.323 .(t) “Person in position of seller" — s. 402.707 .(u) “Present sale" — s. 402.106 .(v) “Sale" — s. 402.106 .(w) “Sale on approval" — s. 402.326 .(x) “Sale or return" — s. 402.326 .(y) “Termination" — s. 402.106 .(3) The following definitions in other chapters apply to this chapter:(a) “Check" — s. 403.104 .(b) “Consignee" — s. 407.102 .(c) “Consignor" — s. 407.102 .(e) “Dishonor" — s. 403.502 .(f) “Draft" — s. 403.104 .(4) In addition ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.