§ 34.1-2-106 — Definitions: "Contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation"

(a) In this article unless the context otherwise requires
"contract" and "agreement" are limited to those relating to the
present or future sale of goods. "Contract for sale" includes
both a present sale of goods and a contract to sell goods at a
future time. A "sale" consists in the passing of title from the
seller to the buyer for a price (section 34.1-2-401). A "present
sale" means a sale which is accomplished by the making of the
contract.
(b) Goods or conduct including any part of a performance
are "conforming" or conform to the contract when they are in
accordance with the obligations under the contract.
(c) "Termination" occurs when either party pursuant to a
power created by agreement or law puts an end to the contract
otherwise than for its breach. On "termination" all obligations
which are still executory on both sides are discharged but any
right based on prior breach or performance survives.
(d) "Cancellation" occurs when either party puts an end to
the contract for breach by the other and its effect is the same
as that of "termination" except that the cancelling party also
retains any remedy for breach of the whole contract or any
unperformed balance.