New Mexico Statutes > Chapter 55 > Article 2 > Part 1
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Terms Used In New Mexico Statutes > Chapter 55 > Article 2 > Part 1
- buyer: means a person who buys or contracts to buy goods. See New Mexico Statutes 55-2-103
- Contract: A legal written agreement that becomes binding when signed.
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See New Mexico Statutes 55-2-106
- Hybrid transaction: means a single transaction involving a sale of goods and: (a) . See New Mexico Statutes 55-2-106 v2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- present sale: means a sale which is accomplished by the making of the contract. See New Mexico Statutes 55-2-106
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- seller: means a person who sells or contracts to sell goods. See New Mexico Statutes 55-2-103
- Statute: A law passed by a legislature.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC