Tex.
Bus. & Com. Code Section 2.103
Definitions and Index of Definitions
(a)
In this chapter unless the context otherwise requires(1)
“Buyer” means a person who buys or contracts to buy goods.(2)
Reserved.(3)
“Receipt” of goods means taking physical possession of them.(4)
“Seller” means a person who sells or contracts to sell goods.(b)
Other definitions applying to this chapter or to specified subchapters thereof, and the sections in which they appear are:(c)
The following definitions in other chapters apply to this chapter:(d)
In addition Chapter 1 (Uniform Commercial Code) contains general definitions and principles of construction and interpretation applicable throughout this chapter.(b)
“Financing agency” means a bank, finance company or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller’s draft or making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft. “Financing agency” includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods (Section 2.707).(c)
“Between merchants” means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.(b)
Goods must be both existing and identified before any interest in them can pass. Goods which are not both existing and identified are “future” goods. A purported present sale of future goods or of any interest therein operates as a contract to sell.(c)
There may be a sale of a part interest in existing identified goods.(d)
An undivided share in an identified bulk of fungible goods is sufficiently identified to be sold although the quantity of the bulk is not determined. Any agreed proportion of such a bulk or any quantity thereof agreed upon by number, weight or other measure may to the extent of the seller’s interest in the bulk be sold to the buyer who then becomes an owner in common.(e)
“Lot” means a parcel or a single article which is the subject matter of a separate sale or delivery, whether or not it is sufficient to perform the contract.(f)
“Commercial unit” means such a unit of goods as by commercial usage is a single whole for purposes of sale and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article (as a machine) or a set of articles (as a suite of furniture or an assortment of sizes) or a quantity (as a bale, gross, or carload) or any other unit treated in use or in the relevant market as a single whole.(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.
Source:
Section 2.103 — Definitions and Index of Definitions, https://statutes.capitol.texas.gov/Docs/BC/htm/BC.2.htm#2.103 (accessed Apr. 13, 2024).
