7-8-113
Section 7-8-113 Statute of frauds inapplicable. A contract or modification of a contract for
the sale or purchase of a security is enforceable whether or not there is a writing signed
or record authenticated by a party against whom enforcement is sought, even if the contract
or modification is not capable of performance within one year of its making. (Acts 1996, No.
96-742, p. 1241, §1.)...
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7-2-402
Section 7-2-402 Rights of seller's creditors against sold goods. (1) Except as provided in
subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods
which have been identified to a contract for sale are subject to the buyer's rights to recover
the goods under this article (Sections 7-2-502 and 7-2-716). (2) A creditor of the seller
may treat a sale or an identification of goods to a contract for sale as void if as against
him a retention of possession by the seller is fraudulent under any rule of law of the state
where the goods are situated, except that retention of possession in good faith and current
course of trade by a merchant-seller for a commercially reasonable time after a sale or identification
is not fraudulent. (3) Nothing in this article shall be deemed to impair the rights of creditors
of the seller: (a) Under the provisions of the article on secured transactions (Article 9);
or (b) Where identification to the contract or delivery is made...
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7-2-305
Section 7-2-305 Open price term. (1) The parties if they so intend can conclude a contract
for sale even though the price is not settled. In such a case the price is a reasonable price
at the time for delivery if: (a) Nothing is said as to price; or (b) The price is left to
be agreed by the parties and they fail to agree; or (c) The price is to be fixed in terms
of some agreed market or other standard as set or recorded by a third person or agency and
it is not so set or recorded. (2) A price to be fixed by the seller or by the buyer means
a price for him to fix in good faith. (3) When a price left to be fixed otherwise than by
agreement of the parties fails to be fixed through fault of one party, the other may at his
option treat the contract as cancelled or himself fix a reasonable price. (4) Where, however,
the parties intend not to be bound unless the price be fixed or agreed and it is not fixed
or agreed there is no contract. In such a case the buyer must return any goods already...

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7-2-501
Section 7-2-501 Insurable interest in goods; manner of identification of goods. (1) The buyer
obtains a special property and an insurable interest in goods by identification of existing
goods as goods to which the contract refers even though the goods so identified are nonconforming
and he has an option to return or reject them. Such identification can be made at any time
and in any manner explicitly agreed to by the parties. In the absence of explicit agreement
"identification" occurs: (a) When the contract is made if it is for the sale of
goods already existing and identified; (b) If the contract is for the sale of future goods
other than those described in paragraph (c), when goods are shipped, marked or otherwise designated
by the seller as goods to which the contract refers; (c) When the crops are planted or otherwise
become growing crops or the young are conceived if the contract is for the sale of unborn
young to be born within 12 months after contracting or for the sale of...
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7-2-613
Section 7-2-613 Casualty to identified goods. Where the contract requires for its performance
goods identified when the contract is made, and the goods suffer casualty without fault of
either party before the risk of loss passes to the buyer, or in a proper case under a "no
arrival, no sale" term (Section 7-2-324) then: (a) If the loss is total the contract
is avoided; and (b) If the loss is partial or the goods have so deteriorated as no longer
to conform to the contract the buyer may nevertheless demand inspection and at his option
either treat the contract as avoided or accept the goods with due allowance from the contract
price for the deterioration or the deficiency in quantity but without further right against
the seller. (Acts 1965, No. 549, p. 811.)...
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7-2A-407
Section 7-2A-407 Irrevocable promises: Finance leases. (1) In the case of a finance lease that
is not a consumer lease the lessee's promises under the lease contract become irrevocable
and independent upon the lessee's acceptance of the goods. (2) A promise that has become irrevocable
and independent under subsection (1): (a) is effective and enforceable between the parties,
and by or against third parties including assignees of the parties; and (b) is not subject
to cancellation, termination, modification, repudiation, excuse, or substitution without the
consent of the party to whom the promise runs. (3) This section does not affect the validity
under any other law of a covenant in any lease contract making the lessee's promises irrevocable
and independent upon the lessee's acceptance of the goods. (Acts 1992, 2nd Ex. Sess., No.
92-700, p. 92, §407.)...
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7-2-513
Section 7-2-513 Buyer's right to inspection of goods. (1) Unless otherwise agreed and subject
to subsection (3), where goods are tendered or delivered or identified to the contract for
sale, the buyer has a right before payment or acceptance to inspect them at any reasonable
place and time and in any reasonable manner. When the seller is required or authorized to
send the goods to the buyer, the inspection may be after their arrival. (2) Expenses of inspection
must be borne by the buyer but may be recovered from the seller if the goods do not conform
and are rejected. (3) Unless otherwise agreed and subject to the provisions of this article
on C.I.F. contracts (subsection (3) of Section 7-2-321), the buyer is not entitled to inspect
the goods before payment of the price when the contract provides: (a) For delivery "C.O.D."
or on other like terms; or (b) For payment against documents of title, except where such payment
is due only after the goods are to become available for inspection....
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7-2-311
Section 7-2-311 Options and cooperation respecting performance. (1) An agreement for sale which
is otherwise sufficiently definite (subsection (3) of Section 7-2-204) to be a contract is
not made invalid by the fact that it leaves particulars of performance to be specified by
one of the parties. Any such specification must be made in good faith and within limits set
by commercial reasonableness. (2) Unless otherwise agreed specifications relating to assortment
of the goods are at the buyer's option and, except as otherwise provided in subsections (1)(c)
and (3) of Section 7-2-319, specifications or arrangements relating to shipment are at the
seller's option. (3) Where such specification would materially affect the other party's performance
but is not seasonably made or where one party's cooperation is necessary to the agreed performance
of the other but is not seasonably forthcoming, the other party in addition to all other remedies:
(a) Is excused for any resulting delay in his own...
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7-2-702
Section 7-2-702 Seller's remedies on discovery of buyer's insolvency. (1) Where the seller
discovers the buyer to be insolvent he may refuse delivery except for cash, including payment
for all goods theretofore delivered under the contract, and stop delivery under this article
(Section 7-2-705). (2) Where the seller discovers that the buyer has received goods on credit
while insolvent he may reclaim the goods upon demand made within 10 days after the receipt,
but if misrepresentation of solvency has been made to the particular seller in writing within
three months before delivery the 10-day limitation does not apply. Except as provided in this
subsection the seller may not base a right to reclaim goods on the buyer's fraudulent or innocent
misrepresentation of solvency or of intent to pay. (3) The seller's right to reclaim under
subsection (2) is subject to the rights of a buyer in ordinary course or other good faith
purchaser or lien creditor under this article (Section 7-2-403)....
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7-2-401
Section 7-2-401 Passing of title; reservation for security; limited application of this section.
Each provision of this article with regard to the rights, obligations and remedies of the
seller, the buyer, purchasers or other third parties applies irrespective of title to the
goods except where the provision refers to such title. Insofar as situations are not covered
by the other provisions of this article and matters concerning title become material the following
rules apply: (1) Title to goods cannot pass under a contract for sale prior to their identification
to the contract (Section 7-2-501), and unless otherwise explicitly agreed the buyer acquires
by their identification a special property as limited by this title. Any retention or reservation
by the seller of the title (property) in goods shipped or delivered to the buyer is limited
in effect to a reservation of a security interest. Subject to these provisions and to the
provisions of the article on secured transactions (Article...
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