Definitions: contract - agreement - contract for sale - sale - present sale - conforming - termination - cancellation - hybrid transaction

4-2-106. Definitions: contract - agreement - contract for sale - sale - present sale - conforming - termination - cancellation - hybrid transaction. (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 4-2-401). A present sale means a sale which is accomplished by the making of the contract. (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 which 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 canceling 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. Source: L. 65: p. 1301, � 1. C.R.S. 1963: � 155-2-106. L. 2023: (5) added, (SB 23-090), ch. 136, p. 527, � 6, effective August 7.