Commercial – Between or pertaining to businesses

Consumer – Party to the contract who is not engaged in business, but has entered the contract for personal or family reasons

Intellectual Property – Includes patents, trademarks, copyrights, trade secrets

Good Faith – UCC definition: as applied to a merchant, means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade

Uniform Commercial Code (UCC) – A uniform law, enacted as statutory law in all 50 states, in an attempt to harmonize the law of sales and other commercial transactions Code

Real Estate – Also called real property or realty, consists of land and buildings

Restatement – Secondary authority; a compilation of the “best” of the common law of contracts

Personal Property – Also called chattel or goods; tangible, moveable items

Intangible Property – Has no physical existence, such as debt

Common law – Law from judicial decisions; governs contract disputes involving real property, intangible property, and services; also called precedent

Merchants – Deal in goods of the kind involved in transaction or, by their occupations, hold themselves out as having knowledge or skills relating to the goods or practice