Terms Used In Illinois Compiled Statutes 810 ILCS 5/2-102

  • Contract: A legal written agreement that becomes binding when signed.
  • present sale: means a sale which is accomplished by the making of the contract. See Illinois Compiled Statutes 810 ILCS 5/2-106
  • Statute: A law passed by a legislature.
     Unless the context otherwise requires, this Article applies to transactions in goods; it does not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this Article impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.