Legal Definitions
Legal Definitions » T » Transactions in Goods Law & Legal Definition

Transactions in Goods Law & Legal Definition

Related to Transactions In Goods

Article 2 of the Uniform Commercial Code (UCC) applies to "transactions in goods," unless the "context otherwise requires" and with other exceptions. The most common transaction covered is a sale of goods in which the title passes from the seller to the buyer for a price, and a contract to sell something at a future time. Goods, with some exceptions, are defined as "all things (including specially manufactured goods) which are movable at the time of identification to the contract for sale".

Some of the transactions not covered by UCC Article 2 include gifts where no bargain was involved, bailments where Article 2 is not specified to be applicable, most consignments, leases, and service and construction contracts where the sale of goods isn't the dominant purpose. Money used for payment of a price, investment securities, and things in action are specifically excluded from the definition of goods for the purposes of Article 2.






Get a Term Defined


Read a Law Digest

  • Need to read the law or find an answer to a legal question? Visit our Law Digest for the largest selection of law digests and answers available.
    Go to Law Digest

Form Packages


Transactions in Goods Legal Forms

Legal Life

Form Drafting

  • Can′t find the form you need, or need a form we offer revised for your situation? Submit your request and our attorneys will review the request and let you know if the form can be provided.
    Submit a drafting request...
Legal Forms Home

Copyright 1996-2008 USLegal, Inc. - All Rights Reserved.