Uniform Commercial Code
In the US, Article 2 of the Uniform Commercial Code covers commercial contracts, and section 2-103 gives definitions of terms under this code. Section 2-106 describes the difference between a present sale (recorded as a sales order) and a sale (recorded as a transfer of title to the buyer).
(1) In this Article 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 (Section 2-401). A "present sale" means a sale which is accomplished by the making of the contract.
Read more about this topic: Order (business)
Famous quotes containing the words uniform, commercial and/or code:
“The Federal Constitution has stood the test of more than a hundred years in supplying the powers that have been needed to make the Central Government as strong as it ought to be, and with this movement toward uniform legislation and agreements between the States I do not see why the Constitution may not serve our people always.”
—William Howard Taft (1857–1930)
“If men could menstruate ... clearly, menstruation would become an enviable, boast-worthy, masculine event: Men would brag about how long and how much.... Sanitary supplies would be federally funded and free. Of course, some men would still pay for the prestige of such commercial brands as Paul Newman Tampons, Muhammed Ali’s Rope-a-Dope Pads, John Wayne Maxi Pads, and Joe Namath Jock Shields—”For Those Light Bachelor Days.””
—Gloria Steinem (b. 1934)
“Wise Draco comes, deep in the midnight roll
Of black artillery; he comes, though late;
In code corroborating Calvin’s creed
And cynic tyrannies of honest kings;
He comes, nor parlies; and the Town, redeemed,
Gives thanks devout; nor, being thankful, heeds
The grimy slur on the Republic’s faith implied,
Which holds that Man is naturally good,
And—more—is Nature’s Roman, never to be
scourged.”
—Herman Melville (1819–1891)