8.2-106 - Definitions: "Contract"; "agreement"; "contract for sale"; sale"; "present sale"; "conforming" to contract; "termination"; cancellation.". - Virginia Statutes

§ 8.2-106. Definitions: "Contract"; "agreement"; "contract for sale";"sale"; "present sale"; "conforming" to contract; "termination";"cancellation.".

(1) In this title unless the context otherwise requires "contract" and"agreement" are limited to those relating to the present or future sale ofgoods. "Contract for sale" includes both a present sale of goods and acontract to sell goods at a future time. A "sale" consists in the passingof title from the seller to the buyer for a price (§ 8.2-401). A "presentsale" 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 obligationsunder the contract.

(3) "Termination" occurs when either party pursuant to a power created byagreement or law puts an end to the contract otherwise than for its breach.On "termination" all obligations which are still executory on both sidesare discharged but any right based on prior breach or performance survives.

(4) "Cancellation" occurs when either party puts an end to the contract forbreach 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 thewhole contract or any unperformed balance.

(1964, c. 219.)