2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2 - Sales
Section 55-2-301 - General obligations of parties.
The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract.
History: 1953 Comp., § 50A-2-301, enacted by Laws 1961, ch. 96, § 2-301.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Prior uniform statutory provision. — Sections 11 and 41, Uniform Sales Act.
Changes. — Rewritten.
Purposes of changes. — This section uses the term "obligation" in contrast to the term "duty" in order to provide for the "condition" aspects of delivery and payment insofar as they are not modified by other sections of this article such as those on cure of tender. It thus replaces not only the general provisions of the Uniform Sales Act on the parties' duties, but also the general provisions of that act on the effect of conditions. In order to determine what is "in accordance with the contract" under this article usage of trade, course of dealing and performance and the general background of circumstances must be given due consideration in conjunction with the lay meaning of the words used to define the scope of the conditions and duties.
Cross references. — Section 1-106. See also Sections 1-205, 2-208, 2-209, 2-508 and 2-612.
"Buyer". Section 2-103.
"Contract". Section 1-201.
"Party". Section 1-201.
"Seller". Section 2-103.
Law reviews. — For article, "Special Property Under the Uniform Commercial Code: A New Concept in Sales," see 4 Nat. Resources J. 98 (1964).
For article, "Buyers and Sellers of Goods in Bankruptcy," see 1 N.M. L. Rev. 435 (1971).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 11 Am. Jur. 2d Bills and Notes § 405; 67 Am. Jur. 2d Sales §§ 102 to 239.
What amounts to delivery f.o.b., 16 A.L.R. 597.
Substantial performance of contract for manufacture or sale of article, 19 A.L.R. 815.
What constitutes delivery of goods sold under "c.i.f." contract, 20 A.L.R. 1236.
Seller's right to retain down payment on buyer's unjustified refusal to accept goods, 11 A.L.R.2d 701.
Implied or apparent authority of agent to purchase or order goods or merchandise, 55 A.L.R.2d 6.
77A C.J.S. Sales § 157 et seq.
