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UNIFORM COMMERCIAL CODE (UCC) - A model statute covering things such as the sale of goods, credit, and bank transactions. All states have adopted and adapted the entire UCC, with the exception of Louisiana, which only adopted parts of it.
Goods Can be defined as (A) goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit; or (B) goods that by agreement are treated as equivalent.
Merchant (Party) can be defined as as distinguished from "third party", means a person that has engaged in a transaction or made an agreement subject to [the Uniform Commercial Code].
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