402.103 Definitions and index of definitions. (1) In this chapter unless the context otherwise requires:(a) 'Buyer' means a person who buys or contracts to buy goods.(b) 'Good faith' in the case of a merchant means honesty in fact and the 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 this chapter or to specified sections thereof, and the sections in which they appear are:(a) 'Acceptance' — s. 402.606.(b) 'Banker’s credit' — s. 402.325.(c) 'Between merchants' — s. 402.104.(d) 'Cancellation' — s. 402.106 (1).(e) 'Commercial unit' — s. 402.105.(f) 'Confirmed credit' — s. 402.325.(g) 'Conforming to contract' — s. 402.106.(h) 'Contract for sale' — s. 402.106.(i) 'Cover' — s. 402.712.(j) 'Entrusting' — s. 402.403.(k) 'Financing agency' — s. 402.104.(L) 'Future goods' — s. 402.105.(m) 'Goods' — s. 402.105.(n) 'Identification' — s. 402.501.(o) 'Installment contract' — s. 402.612.(p) 'Letter of credit' — s. 402.325.(q) 'Lot' — s. 402.105.(r) 'Merchant' — s. 402.104.(s) 'Overseas' — s. oods' — s. 402.105.(n) 'Identification' — s. 402.501.(o) 'Installment contract' — s. 402.612.(p) 'Letter of credit' — s. 402.325.(q) 'Lot' — s. 402.105.(r) 'Merchant' — s. 402.104.(s) 'Overseas' — s. 402.323.(t) 'Person in position of seller' — s. 402.707.(u) 'Present sale' — s. 402.106.(v) 'Sale' — s. 402.106.(w) 'Sale on approval' — s. 402.326.(x) 'Sale or return' — s. 402.326.(y) 'Termination' — s. 402.106.(3) The following definitions in other chapters apply to this chapter:(a) 'Check' — s. 403.104.(b) 'Consignee' — s. 407.102.(c) 'Consignor' — s. 407.102.(d) 'Consumer goods' — s. 409.102.(dm) 'Control' — s. 407.106.(e) 'Dishonor' — s. 403.502.(f) 'Draft' — s. 403.104.(4) In addition ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.History: 1983 a. 189 s. 329 (24); 1995 a. 449; 2001 a. 10; 2009 a. 322.
Wisconsin Legal Code