A sale of goods is a present transfer of title to movable property for a price. This price may be a payment of money, an exchange of other property, or the performance of services. The parties to a sale are the person who owns the goods and the person to whom the title is transferred. The transferor is the seller or vendor, and the transferee is the buyer or vendee.
Most goods are tangible and solid, such as an automobile or a chair. But goods may also be fluid, such as oil or gasoline. Goods may also be intangible, such as natural gas and electricity. The UCC is applicable to both new and used goods.
Goods that are physically existing and owned by the seller at the time of the transaction are called existing goods. All other goods are called future goods. Future goods include both goods that are physically existing but not owned by the seller and goods that have not yet been produced .
Before an interest in goods can pass from seller to buyer, the goods must exist, and they must be identified to the contract. For passage of title, goods must be identified in a way that will distinguish them from all similar goods. Identification gives a buyer the right to obtain insurance on goods and the right to recover from third parties who damage goods. Sometimes, identification allows the buyer to take goods from the seller. Regarding future goods, occurs when they are shipped, marked, or otherwise designated as the contract goods.
The New Mexico General Form of Agreement for the Sale of Goods is a legal document that outlines the terms and conditions of a transaction involving the sale of goods in the state of New Mexico. It serves as a binding contract between the buyer and the seller, ensuring that both parties understand their rights and obligations in the sale of goods. This agreement begins by clearly identifying the buyer and the seller, providing their names, addresses, and contact information. It also includes a detailed description of the goods being sold, including their quantity, quality, and specifications. This helps to prevent any misunderstandings or disputes regarding the specific items involved in the transaction. The New Mexico General Form of Agreement for the Sale of Goods also specifies the purchase price of the goods, including any applicable taxes or additional charges. It outlines the payment terms, such as whether the buyer will pay in cash, through online transfer, or by installment. The agreement also includes provisions for any warranties or guarantees regarding the goods, ensuring that the buyer receives products that meet their expectations. Furthermore, the agreement outlines the delivery terms, including the date and location for the transfer of the goods. It also includes provisions for the risk of loss or damage during transportation, ensuring that both parties are aware of their responsibilities. In New Mexico, there may be different types of General Forms of Agreement for the Sale of Goods, depending on the specific industry or nature of the transaction. For instance, in the agricultural sector, there could be a specific form tailored to the sale or purchase of livestock or crops. In manufacturing or wholesale industries, there may be forms specifically designed for the trade of machinery, equipment, or raw materials. In conclusion, the New Mexico General Form of Agreement for the Sale of Goods is a comprehensive document that protects the rights of both buyers and sellers in any sales transaction. It covers crucial aspects such as the description of goods, purchase price, payment terms, warranties, and delivery terms. Different industries or sectors may have specialized versions of this agreement to cater to their specific needs and requirements.
