Section 76. Definitions.—
In this act, unless the context or subject matter otherwise requires—
"Action" includes counterclaim, set-off and suit in equity.
"Buyer" means a person who buys or agrees to buy goods or any legal successor in interest of such person.
"Defendant" includes a plaintiff against whom a right of set-off or counterclaim is asserted.
"Delivery" means voluntary transfer of possession from one person to another.
"Divisible contract to sell or sale" means a contract to sell or a sale in which by its terms the price for a portion or portions of the goods less than the whole is fixed or ascertainable by computation.
"Document of title to goods" includes any bill of lading, dock warrant, warehouse receipt or order for the delivery of goods, or any other document used in the ordinary course of business in the sale or transfer of goods, as proof of the possession or control of the goods, or authorizing or purporting to authorize the possessor of the document to transfer or receive, either by indorsement or by delivery, goods represented by such document.
"Fault" means wrongful act or default.
"Fungible goods" means goods of which any unit is from its nature or by mercantile usage treated as the equivalent of any other unit.
"Future goods" means goods to be manufactured or acquired by the seller after the making of the contract of sale.
"Goods" include all chattels personal other than things in action and money. The term includes emblements, industrial growing crops, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.
"Order" in sections of this act relating to documents of title means an order by indorsement on the document.
"Person" includes a corporation or partnership or two or more persons having a joint or common interest.
"Plaintiff" includes defendant asserting a right of set-off or counterclaim.
"Property" means the general property in goods, and not merely a special property.
"Purchaser" includes mortgagee and pledgee.
"Purchases" includes taking as a mortgagee or as a pledgee.
"Quality of goods" includes their state or condition.
"Sale" includes a bargain and sale as well as a sale and delivery.
"Seller" means a person who sells or agrees to sell goods, or any legal successor in the interest of such person.
"Specific goods" means goods identified and agreed upon at the time a contract to sell or a sale is made.
"Value" is any consideration sufficient to support a simple contract. An antecedent or pre-existing claim, whether for money or not, constitutes value where goods or documents of titles are taken either in satisfaction thereof or as security therefor.
A thing is done "in good faith" within the meaning of this act when it is in fact done honestly, whether it be done negligently or not.
A person is insolvent within the meaning of this act who either has ceased to pay his debts in the ordinary course of business or cannot pay his debts as they become due, whether he has committed an act of bankruptcy or not, and whether he is insolvent within the meaning of the federal bankruptcy law or not.
Goods are in a "deliverable state" within the meaning of this act when they are in such a state that the buyer would, under the contract, be bound to take delivery of them.