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Part 1 - SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER
Section 55-2-101 - Short title. - This article shall be known and may be cited as...
Section 55-2-102 - Scope; certain security and other transactions excluded from this article. - Unless the context otherwise requires, this article applies to transactions...
Section 55-2-103 - Definitions and index of definitions. - (1) In this article, unless the context otherwise requires: (a)...
Section 55-2-104 - Definitions; "merchant"; "between merchants"; "financing agency". - (1) "Merchant" means a person who deals in goods of...
Section 55-2-105 - Definitions: transferability; "goods"; "future" goods; "lot"; "commercial unit." - (1) "Goods" means all things (including specially manufactured goods) which...
Section 55-2-106 - Definitions: "contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation." - (1) In this article unless the context otherwise requires "contract"...
Section 55-2-107 - Goods to be severed from realty; recording. - (1) A contract for the sale of minerals or the...
Part 2 - FORM, FORMATION AND READJUSTMENT OF CONTRACT
Section 55-2-201 - Formal requirements; statute of frauds. - (1) Except as otherwise provided in this section a contract...
Section 55-2-202 - Final written expression; parol or extrinsic evidence. - Terms with respect to which the confirmatory memoranda of the...
Section 55-2-203 - Seals inoperative. - The affixing of a seal to a writing evidencing a...
Section 55-2-204 - Formation in general. - (1) A contract for sale of goods may be made...
Section 55-2-205 - Firm offers. - An offer by a merchant to buy or sell goods...
Section 55-2-206 - Offer and acceptance in formation of contract. - (1) Unless otherwise unambiguously indicated by the language or circumstances:...
Section 55-2-207 - Additional terms in acceptance or confirmation. - (1) A definite and seasonable expression of acceptance or a...
Section 55-2-208 - Repealed. - History: 1953 Comp., ยง 50A-2-208, enacted by Laws 1961, ch....
Section 55-2-209 - Modification, rescission and waiver. - (1) An agreement modifying a contract within this article needs...
Section 55-2-210 - Delegation of performance; assignment of rights. - (1) A party may perform his duty through a delegate...
Part 3 - GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT
Section 55-2-301 - General obligations of parties. - The obligation of the seller is to transfer and deliver...
Section 55-2-302 - Unconscionable contract or clause. - (1) If the court as a matter of law finds...
Section 55-2-303 - Allocation or division of risks. - Where this article allocates a risk or a burden as...
Section 55-2-304 - Price payable in money, goods, realty or otherwise. - (1) The price can be made payable in money or...
Section 55-2-305 - Open price term. - (1) The parties if they so intend can conclude a...
Section 55-2-306 - Output, requirements and exclusive dealings. - (1) A term which measures the quantity by the output...
Section 55-2-307 - Delivery in single lot or several lots. - Unless otherwise agreed all goods called for by a contract...
Section 55-2-308 - Absence of specified place for delivery. - Unless otherwise agreed: (a) the place for delivery of goods...
Section 55-2-309 - Absence of specific time provisions; notice of termination. - (1) The time for shipment or delivery or any other...
Section 55-2-310 - Open time for payment or running of credit; authority to ship under reservation. - Unless otherwise agreed: (a) payment is due at the time...
Section 55-2-311 - Options and cooperation respecting performance. - (1) An agreement for sale which is otherwise sufficiently definite...
Section 55-2-312 - Warranty of title and against infringement; buyer's obligation against infringement. - (1) Subject to Subsection (2) there is in a contract...
Section 55-2-313 - Express warranties by affirmation, promise, description, sample. - (1) Express warranties by the seller are created as follows:...
Section 55-2-314 - Implied warranty: merchantability; usage of trade. - (1) Unless excluded or modified (Section 2-316 [55-2-316 NMSA 1978]),...
Section 55-2-315 - Implied warranty: fitness for particular purpose. - Where the seller at the time of contracting has reason...
Section 55-2-316 - Exclusion or modification of warranties. - (1) Words or conduct relevant to the creation of an...
Section 55-2-317 - Cumulation and conflict of warranties express or implied. - Warranties whether express or implied shall be construed as consistent...
Section 55-2-318 - Third-party beneficiaries of warranties express or implied. - A seller's warranty whether express or implied extends to any...
Section 55-2-319. F.O.B - and F.A.S. terms. - (1) Unless otherwise agreed the term F.O.B. (which means "free...
Section 55-2-320. C.I.F - and C.&F. terms. - (1) The term C.I.F. means that the price includes in...
Section 55-2-321. C.I.F - or C.&F.: "net landed weights"; "payment on arrival"; warranty of condition on arrival. - Under a contract containing a term C.I.F. or C.&F.: (1)...
Section 55-2-322 - Delivery "ex-ship". - (1) Unless otherwise agreed a term for delivery of goods...
Section 55-2-323 - Form of bill of lading required on overseas shipment; "overseas". - (1) Where the contract contemplates overseas shipment and contains a...
Section 55-2-324 - "No arrival, no sale" term. - Under a term "no arrival, no sale" or terms of...
Section 55-2-325 - "Letter of credit" term; "confirmed credit.". - (1) Failure of the buyer seasonably to furnish an agreed...
Section 55-2-326 - Sale on approval and sale or return; rights of creditors. - (1) Unless otherwise agreed, if delivered goods may be returned...
Section 55-2-327 - Special incidents of sale on approval and sale or return. - (1) Under a sale on approval unless otherwise agreed: (a)...
Section 55-2-328 - Sale by auction. - (1) In a sale by auction if goods are put...
Part 4 - TITLE, CREDITORS AND GOOD FAITH
Section 55-2-401 - Passing of title; reservation for security; limited application of this section. - Each provision of this article with regard to the rights,...
Section 55-2-402 - Rights of seller's creditors against sold goods. - (1) Except as provided in Subsections (2) and (3), rights...
Section 55-2-403 - Power to transfer; good faith purchase of goods; "entrusting". - (1) A purchaser of goods acquires all title which his...
Part 5 - PERFORMANCE
Section 55-2-501 - Insurable interest in goods; manner of identification of goods. - (1) The buyer obtains a special property and an insurable...
Section 55-2-502 - Buyer's right to goods on seller's repudiation, failure to deliver or insolvency. - (1) Subject to Subsections (2) and (3) of this section...
Section 55-2-503 - Manner of seller's tender of delivery. - (1) Tender of delivery requires that the seller put and...
Section 55-2-504 - Shipment by seller. - Where the seller is required or authorized to send the...
Section 55-2-505 - Seller's shipment under reservation. - (1) Where the seller has identified goods to the contract...
Section 55-2-506 - Rights of financing agency. - (1) A financing agency by paying or purchasing for value...
Section 55-2-507 - Effect of seller's tender; delivery on condition. - (1) Tender of delivery is a condition to the buyer's...
Section 55-2-508 - Cure by seller of improper tender or delivery; replacement. - (1) Where any tender or delivery by the seller is...
Section 55-2-509 - Risk of loss in the absence of breach. - (1) Where the contract requires or authorizes the seller to...
Section 55-2-510 - Effect of breach on risk of loss. - (1) Where a tender or delivery of goods so fails...
Section 55-2-511 - Tender of payment by buyer; payment by check. - (1) Unless otherwise agreed tender of payment is a condition...
Section 55-2-512 - Payment by buyer before inspection. - (1) Where the contract requires payment before inspection non-conformity of...
Section 55-2-513 - Buyer's right to inspection of goods. - (1) Unless otherwise agreed and subject to Subsection (3), where...
Section 55-2-514 - When documents deliverable on acceptance; when on payment. - Unless otherwise agreed, documents against which a draft is drawn...
Section 55-2-515 - Preserving evidence of goods in dispute. - In furtherance of the adjustment of any claim or dispute:...
Part 6 - BREACH, REPUDIATION AND EXCUSE
Section 55-2-601 - Buyer's rights on improper delivery. - Subject to the provisions of this article on breach in...
Section 55-2-602 - Manner and effect of rightful rejection. - (1) Rejection of goods must be within a reasonable time...
Section 55-2-603 - Merchant buyer's duties as to rightfully rejected goods. - (1) Subject to any security interest in the buyer (Subsection...
Section 55-2-604 - Buyer's options as to salvage of rightfully rejected goods. - Subject to the provisions of the immediately preceding section [55-2-603...
Section 55-2-605 - Waiver of buyer's objections by failure to particularize. - (1) The buyer's failure to state in connection with rejection...
Section 55-2-606 - What constitutes acceptance of goods. - (1) Acceptance of goods occurs when the buyer: (a) after...
Section 55-2-607 - Effect of acceptance; notice of breach; burden of establishing breach after acceptance; notice of claim or litigation to person answerable over. - (1) The buyer must pay at the contract rate for...
Section 55-2-608 - Revocation of acceptance in whole or in part. - (1) The buyer may revoke his acceptance of a lot...
Section 55-2-609 - Right to adequate assurance of performance. - (1) A contract for sale imposes an obligation on each...
Section 55-2-610 - Anticipatory repudiation. - When either party repudiates the contract with respect to a...
Section 55-2-611 - Retraction of anticipatory repudiation. - (1) Until the repudiating party's next performance is due, he...
Section 55-2-612 - "Installment contract"; breach. - (1) An "installment contract" is one which requires or authorizes...
Section 55-2-613 - Casualty to identified goods. - Where the contract requires for its performance goods identified when...
Section 55-2-614 - Substituted performance. - (1) Where without fault of either party the agreed berthing,...
Section 55-2-615 - Excuse by failure of presupposed conditions. - Except so far as a seller may have assumed a...
Section 55-2-616 - Procedure on notice claiming excuse. - (1) Where the buyer receives notification of a material or...
Part 7 - REMEDIES
Section 55-2-701 - Remedies for breach of collateral contracts not impaired. - Remedies for breach of any obligation or promise collateral or...
Section 55-2-702 - Seller's remedies on discovery of buyer's insolvency. - (1) Where the seller discovers the buyer to be insolvent,...
Section 55-2-703 - Seller's remedies in general. - Where the buyer wrongfully rejects or revokes acceptance of goods...
Section 55-2-704 - Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods. - (1) An aggrieved seller under the preceding section [55-2-703 NMSA...
Section 55-2-705 - Seller's stoppage of delivery in transit or otherwise. - (1) The seller may stop delivery of goods in the...
Section 55-2-706 - Seller's resale including contract for resale. - (1) Under the conditions stated in Section 2-703 [55-2-703 NMSA...
Section 55-2-707 - "Person in the position of a seller." - (1) A "person in the position of a seller" includes...
Section 55-2-708 - Seller's damages for nonacceptance or repudiation. - (1) Subject to Subsection (2) and to the provisions of...
Section 55-2-709 - Action for the price. - (1) When the buyer fails to pay the price as...
Section 55-2-710 - Seller's incidental damages. - Incidental damages to an aggrieved seller include any commercially reasonable...
Section 55-2-711 - Buyer's remedies in general; buyer's security interest in rejected goods. - (1) Where the seller fails to make delivery or repudiates...
Section 55-2-712 - "Cover"; buyer's procurement of substitute goods. - (1) After a breach within the preceding section [55-2-711 NMSA...
Section 55-2-713 - Buyer's damages for nondelivery or repudiation. - (1) Subject to the provisions of this article with respect...
Section 55-2-714 - Buyer's damages for breach in regard to accepted goods. - (1) Where the buyer has accepted goods and given notification...
Section 55-2-715 - Buyer's incidental and consequential damages. - (1) Incidental damages resulting from the seller's breach include expenses...
Section 55-2-716 - Buyer's right to specific performance or replevin. - (1) Specific performance may be decreed where the goods are...
Section 55-2-717 - Deduction of damages from the price. - The buyer on notifying the seller of his intention to...
Section 55-2-718 - Liquidation or limitation of damages; deposits. - (1) Damages for breach by either party may be liquidated...
Section 55-2-719 - Contractual modification or limitation of remedy. - (1) Subject to the provisions of Subsections (2) and (3)...
Section 55-2-720 - Effect of "cancellation" or "rescission" on claims for antecedent breach. - Unless the contrary intention clearly appears, expressions of "cancellation" or...
Section 55-2-721 - Remedies for fraud. - Remedies for material misrepresentation or fraud include all remedies available...
Section 55-2-722 - Who can sue third parties for injury to goods. - Where a third party so deals with goods which have...
Section 55-2-723 - Proof of market price; time and place. - (1) If an action based on anticipatory repudiation comes to...
Section 55-2-724 - Admissibility of market quotations. - Whenever the prevailing price or value of any goods regularly...
Section 55-2-725 - Statute of limitations in contracts for sale. - (1) An action for breach of any contract for sale...