Key Terms in Article 2

Next, we’ll break down some important key terms from Article 2, including buyer, seller, merchant, and good faith. 

I. Buyer and Seller

Article 2’s definitions of buyer and seller are fairly straightforward. A buyer purchases goods or contracts to buy them, while a seller sells goods or contracts to sell them. For example, if a farmer contracts with a livestock dealer to purchase 10 cows for $12000, the farmer is the buyer, and the dealer is the seller. 

Of course, things can get a bit...