Uniform Commercial Code § 2-501(1)

Uniform Commercial Code § 2-501(1)

Definition

Provision of the Uniform Commercial Code that defines when identification to a contract for the sale of goods occurs. Under the section, a buyer obtains a special property and insurable interest in goods by identification of existing goods as goods to which the contract refers. Identification can be made at any time and in any manner explicitly agreed to by the parties or, absent explicit agreement, (a) when the contract is made for goods already existing and identified or, (b) for future goods, when the goods are shipped, marked, or designated by the seller as goods to which the contract refers.

Get full access FREE

With a 7-Day free trial membership
Here's why 742,000 law students have relied on our key terms:
  • A complete online legal dictionary of law terms and legal definitions
  • Over 7,900 key terms written in plain English to help you not only understand the law but master it
  • The premier online law dictionary built specifically for law students
  • Easy access in class or on the go, accessible both online and through the Quimbee mobile app
  • Reliable - written by legal professors and practitioners
  • Get instant access to all related rules of law to any specific key term with a Quimbee Study Aid plan

Get full access FREE

With a 7-Day free trial membership