402.103 Definitions and index of definitions.

(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.

(d) “Consumer goods" — s. 409.102.

(dm) “Control" — s. 407.106.

(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.

History: 1983 a. 189 s. 329 (24); 1995 a. 449; 2001 a. 10; 2009 a. 322.