New Mexico Statutes 55-2-106 v2. Definitions; “contract”; “agreement”; “contract for sale”; “sale”; “present sale”; “conforming” to contract; “termination”; “cancellation”; hybrid transaction. (Effective January 1, 2024.)
(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 55- 2-401 NMSA 1978). A “present sale” means a sale that is accomplished by the making of the contract.
Terms Used In New Mexico Statutes 55-2-106 v2
- 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.
- 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
- seller: means a person who sells or contracts to sell goods. See New Mexico Statutes 55-2-103
(2) Goods or conduct, including any part of a performance, are “conforming” or conform to the contract when they are in accordance with the obligations under the contract.
(3) “Termination” occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On “termination”, all obligations that are still executory on both sides are discharged, but any right based on prior breach or performance survives.
(4) “Cancellation” occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of “termination”, except that the cancelling party also retains any remedy for breach of the whole contract or any unperformed balance.
(5) “Hybrid transaction” means a single transaction involving a sale of goods and: (a) the provision of services;
(b) a lease of other goods; or
(c) a sale, lease or license of property other than goods.