IC 26-1-2-103 — Definitions and index of definitions
Chapter 2. Sales
Section text
Sec. 103. (1) In IC 26-1-2, 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 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". 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.
Source: official publisher (2026 edition)