§ 24-4.5-2-105 — "Goods"; "merchandise certificate"; "services"; "sale of goods"; "sale of services"; "sale of an interest in land"; "precomputed"

Definitions: "Goods"; "Merchandise
Certificate"; "Services"; "Sale of Goods"; "Sale of Services"; "Sale of
an Interest in Land"; "Precomputed".
(1) "Goods" includes goods not in existence at the time the
transaction is entered into and merchandise certificates, but excludes
money, chattel paper, documents of title, and instruments.
(2) "Merchandise certificate" means a writing issued by a seller not
redeemable in cash and usable in its face amount in lieu of cash in
exchange for goods or services.
(3) "Services" includes (a) work, labor, and other personal services,
(b) privileges with respect to transportation, hotel and restaurant
accommodations, education, entertainment, recreation, physical
culture, hospital accommodations, funerals, cemetery accommodations,
and the like, and (c) insurance provided by a person other than the
insurer.
(4) "Sale of goods" includes any agreement in the form of a bailment
or lease of goods if the bailee or lessee agrees to pay as compensation
for use a sum substantially equivalent to or in excess of the aggregate
value of the goods involved and it is agreed that the bailee or lessee
will become, or for no other or a nominal consideration has the option
to become, the owner of the goods upon full compliance with his
obligations under the agreement.
(5) "Sale of services" means furnishing or agreeing to furnish
services and includes making arrangements to have services furnished
by another.
(6) "Sale of an interest in land" includes a lease in which the lessee
has an option to purchase the interest and all or a substantial part of the
rental or other payments previously made by him are applied to the
purchase price.
(7) A sale, refinancing, or consolidation is "precomputed" if the debt
is expressed as a sum comprising the amount financed and the amount
of the credit service charge computed in advance.
Formerly: Acts 1971, P.L.366, SEC.3.