Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 2 > Part 1 – Short Title, General Construction and Subject Matter
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Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 2 > Part 1 - Short Title, General Construction and Subject Matter
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.1201
- Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103
- 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 Michigan Laws 440.2106
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Devise: To gift property by will. Fungible goods: means either of the following:
(i) Goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit. See Michigan Laws 440.1201Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 present sale: means a sale which is accomplished by the making of the contract. See Michigan Laws 440.2106 Probate: Proving a will Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 Right: includes remedy. See Michigan Laws 440.1201 Seller: means a person who sells or contracts to sell goods. See Michigan Laws 440.2103 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Statute: A law passed by a legislature. third party: means a person that has engaged in a transaction or made an agreement subject to this act. See Michigan Laws 440.1201