Terms Used In Texas Business and Commerce Code 273.001

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • 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

This chapter applies to a contract only if:
(1) the contract is for the sale, lease, exchange, or other disposition for value of goods for the price, rental, or other consideration of $50,000 or less;
(2) any element of the contract’s execution occurred in this state;
(3) a party to the contract is:
(A) an individual resident of this state; or
(B) an association or corporation that is created under the laws of this state or has its principal place of business in this state; and
(4) Section 1.301 does not apply to the contract.

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