70A-2-106 - Definitions -- "Contract" -- "Agreement" -- "Contract for sale" -- "Sale" -- "Present sale" -- "Conforming" to contract -- "Termination" -- "Cancellation." - Utah Statutes

70A-2-106. Definitions -- "Contract" -- "Agreement" -- "Contract for sale" --"Sale" -- "Present sale" -- "Conforming" to contract -- "Termination" -- "Cancellation."

(1) In this chapter unless the context otherwise requires "contract" and "agreement" arelimited to those relating to the present or future sale of goods. "Contract for sale" includes both apresent sale of goods and a contract to sell goods at a future time. A "sale" consists in the passingof title from the seller to the buyer for a price (Section 70A-2-401). A "present sale" means a salewhich is accomplished by the making of the contract.
(2) Goods or conduct including any part of a performance are "conforming" or conformto 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 orlaw puts an end to the contract otherwise than for its breach. On "termination" all obligationswhich are still executory on both sides are discharged but any right based on prior breach orperformance survives.
(4) "Cancellation" occurs when either party puts an end to the contract for breach by theother and its effect is the same as that of "termination" except that the canceling party also retainsany remedy for breach of the whole contract or any unperformed balance.

Enacted by Chapter 154, 1965 General Session