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4-2-103. Definitions and index of definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-2-103. 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) [Reserved.]
(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 parts thereof, and the sections in which they appear are:
“Acceptance”. Section 4-2-606.
“Banker's credit”. Section 4-2-325.
“Between merchants”. Section 4-2-104.
“Cancellation”. Section 4-2-106(4).
“Commercial unit”. Section 4-2-105.
“Confirmed credit”. Section 4-2-325.
“Conforming to contract”. Section 4-2-106.
“Contract for sale”. Section 4-2-106.
“Cover”. Section 4-2-712.
“Entrusting”. Section 4-2-403.
“Financing agency”. Section 4-2-104.
“Future goods”. Section 4-2-105.
“Goods”. Section 4-2-105.
“Identification”. Section 4-2-501.
“Installment contract”. Section 4-2-612.
“Letter of credit”. Section 4-2-325.
“Lot”. Section 4-2-105.
“Merchant”. Section 4-2-104.
“Overseas”. Section 4-2-323.
“Person in position of seller”. Section 4-2-707.
“Present sale”. Section 4-2-106.
“Sale”. Section 4-2-106.
“Sale on approval”. Section 4-2-326.
“Sale or return”. Section 4-2-326.
“Termination”. Section 4-2-106.
(3) “Control” as provided in § 4-7-106 and the following definitions in other chapters apply to this chapter:
“Check”. Section 4-3-104.
“Consignee”. Section 4-7-102.
“Consignor”. Section 4-7-102.
“Consumer goods”. Section 4-9-102.
“Dishonor”. Section 4-3-502.
“Draft”. Section 4-3-104.
(4) In addition, Chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-2-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-2-103
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8fc057077c71a12961923a3e7d48fb89a81cbc66f154b1466213bdd25c233782
Source location: content.xml paragraph 689
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4-2-103. 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) [Reserved.]
(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 parts thereof, and the sections in which they appear are:
“Acceptance”. Section 4-2-606.
“Banker's credit”. Section 4-2-325.
“Between merchants”. Section 4-2-104.
“Cancellation”. Section 4-2-106(4).
“Commercial unit”. Section 4-2-105.
“Confirmed credit”. Section 4-2-325.
“Conforming to contract”. Section 4-2-106.
“Contract for sale”. Section 4-2-106.
“Cover”. Section 4-2-712.
“Entrusting”. Section 4-2-403.
“Financing agency”. Section 4-2-104.
“Future goods”. Section 4-2-105.
“Goods”. Section 4-2-105.
“Identification”. Section 4-2-501.
“Installment contract”. Section 4-2-612.
“Letter of credit”. Section 4-2-325.
“Lot”. Section 4-2-105.
“Merchant”. Section 4-2-104.
“Overseas”. Section 4-2-323.
“Person in position of seller”. Section 4-2-707.
“Present sale”. Section 4-2-106.
“Sale”. Section 4-2-106.
“Sale on approval”. Section 4-2-326.
“Sale or return”. Section 4-2-326.
“Termination”. Section 4-2-106.
(3) “Control” as provided in § 4-7-106 and the following definitions in other chapters apply to this chapter:
“Check”. Section 4-3-104.
“Consignee”. Section 4-7-102.
“Consignor”. Section 4-7-102.
“Consumer goods”. Section 4-9-102.
“Dishonor”. Section 4-3-502.
“Draft”. Section 4-3-104.
(4) In addition, Chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-2-104. Definitions — “Merchant” — “Between merchants” — “Financing agency”.
(1) “Merchant” means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.
(2) “Financing agency” means a bank, finance company or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller's draft or making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft. “Financing agency” includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods (§ 4-2-707).
(3) “Between merchants” means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-2-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-2-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-2-106. 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” are limited to those relating to the present or future sale of goods. “Contract for sale” includes both a present sale of goods and a contract to sell goods at a future time. A “sale” consists in the passing of title from the seller to the buyer for a price (§ 4-2-401). A “present sale” 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 obligations under the contract.
(3) “Termination” occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On “termination” all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.
(4) “Cancellation” occurs when either party puts an end to the contract for breach 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 the whole contract or any unperformed balance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-2-106
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-2-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-2-325. “Letter of credit” term — “Confirmed credit”.
(1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.
(2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him.
(3) Unless otherwise agreed the term “letter of credit” or “banker's credit” in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term “confirmed credit” means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-2-325
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-2-325. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-2-606. What constitutes acceptance of goods.
(1) Acceptance of goods occurs when the buyer
(a) after a reasonable opportunity to inspect the goods signifies to the seller that the goods are conforming or that he will take or retain them in spite of their non-conformity; or
(b) fails to make an effective rejection (§ 4-2-602(1)), but such acceptance does not occur until the buyer has had a reasonable opportunity to inspect them; or
(c) does any act inconsistent with the seller's ownership; but if such act is wrongful as against the seller it is an acceptance only if ratified by him.
(2) Acceptance of a part of any commercial unit is acceptance of that entire unit.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-2-606
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-2-606. This identifies an authority to review, not proof of applicability.