(b) 'Good faith' in the case of a merchant means honesty in fact and observance of reasonable commercial standards of fair dealing in the trade.(c) 'Receipt' of goods means taking physical possession of them.(d) 'Seller' means a person who sells or contracts to sell goods.(2) Other definitions applying to IC 26-1-2, or to specified parts thereof, and the sections in which they appear are:'Acceptance'. IC 26-1-2-606.'Banker's credit'. IC 26-1-2-325.'Between merchants'. IC 26-1-2-104.'Cancellation'. IC 26-1-2-106(4).'Commercial unit'. IC 26-1-2-105.'Confirmed credit'. IC 26-1-2-325.'Conforming to contract'. IC 26-1-2-106.'Contract for sale'. IC 26-1-2-106.'Cover'. IC 26-1-2-712.'Entrusting'. IC 26-1-2-403.'Financing agency'. IC 26-1-2-104.'Future goods'. IC 26-1-2-105.'Goods'. IC 26-1-2-105.'Identification'. IC 26-1-2-501.'Instalment contract'. IC 26-1-2-612.'Letter of credit'. IC 26-1-2-325.'Lot'. IC 26-1-2-105.'Merchant'. IC 26-1-2-104.'Overseas'. IC 26-1-2-323.'Person in the position of seller'. IC 26-1-2-707.'Present sale'. IC 26-1-2-106.'Sale'. -612.'Letter of credit'. IC 26-1-2-325.'Lot'. IC 26-1-2-105.'Merchant'. IC 26-1-2-104.'Overseas'. IC 26-1-2-323.'Person in the position of seller'. IC 26-1-2-707.'Present sale'. IC 26-1-2-106.'Sale'. IC 26-1-2-106.'Sale on approval'. IC 26-1-2-326.'Sale or return'. IC 26-1-2-326.'Termination'. IC 26-1-2-106.(3) 'Control' as provided in IC 26-1-7-106 and the following definitions apply to IC 26-1-2:'Check'. IC 26-1-3.1-104.'Consignee'. IC 26-1-7-102.'Consignor'. IC 26-1-7-102.'Consumer goods'. IC 26-1-9.1-102.'Dishonor'. IC 26-1-3.1-502.'Draft'. IC 26-1-3.1-104.(4) In addition, IC 26-1-1 contains general definitions and principles of construction and interpretation applicable throughout IC 26-1-2.Formerly: Acts 1963, c.317, s.2-103. As amended by P.L.152-1986, SEC.121; P.L.222-1993, SEC.3; P.L.57-2000, SEC.15; P.L.143-2007, SEC.7.
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