400.2-106. Definitions--"contract"--"agreement"--"contract for sale"--"sale"--"present sale"--"conforming" to contract--"termination"--"cancellation". - Missouri Statutes

Definitions--"contract"--"agreement"--"contract forsale"--"sale"--"present sale"--"conforming" tocontract--"termination"--"cancellation".

400.2-106. (1) In this article unless the context otherwiserequires "contract" and "agreement" are limited to those relatingto the present or future sale of goods. "Contract for sale"includes both a present sale of goods and a contract to sellgoods at a future time. A "sale" consists in the passing oftitle from the seller to the buyer for a price (section400.2-401). A "present" means a sale which is accomplished bythe making of the contract.

(2) Goods or conduct including any part of a performance are"conforming" or conform to the contract when they are inaccordance with the obligations under the contract.

(3) "Termination" occurs when either party pursuant to apower created by agreement or law puts an end to the contractotherwise than for its breach. On "termination" all obligationswhich are still executory on both sides are discharged but anyright based on prior breach or performance survives.

(4) "Cancellation" occurs when either party puts an end tothe contract for breach by the other and its effect is the sameas that of "termination" except that the cancelling party alsoretains any remedy for breach of the whole contract or anyunperformed balance.

(L. 1963 p. 503 § 2-106)