2006 New York Code - Definitions. "contract", "agreement"; "contract For Sale"; "sale"; "present Sale"; "conforming" To Contract; "termination"; "cancellation".



 
  Section 2--106. Definitions.   "Contract";  "Agreement";  "Contract  for
                    Sale";  "Sale";  "Present   Sale";   "Conforming"   to
                    Contract; "Termination"; "Cancellation".
    (1)  In  this Article 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
  2--401).  A  "present  sale"  means  a sale which is accomplished by the
  making of the contract.
    (2)  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.
    (3) "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.
    (4) "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.

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