Terms Used In Illinois Compiled Statutes 810 ILCS 5/2-301

  • Buyer: means a person who buys or contracts to
    
buy goods. See Illinois Compiled Statutes 810 ILCS 5/2-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Seller: means a person who sells or contracts to
    •     
         The obligation of the seller is to transfer and deliver and that of the buyer is to accept and pay in accordance with the contract.
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