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:
“We know, Mr. Weller—we, who are men of the world—that a good uniform must work its way with the women, sooner or later.”
—Charles Dickens (1812–1870)
“It is only by not paying one’s bills that one can hope to live in the memory of the commercial classes.”
—Oscar Wilde (1854–1900)
“Motion or change, and identity or rest, are the first and second secrets of nature: Motion and Rest. The whole code of her laws may be written on the thumbnail, or the signet of a ring.”
—Ralph Waldo Emerson (1803–1882)