Wisconsin Statutes

Wis. Stat. § 402.103 (2026)

Definitions and index of definitions

✓ current as of July 2026

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402.103402.103 Definitions and index of definitions.

402.103(1)(1) In this chapter unless the context otherwise requires:

402.103(1)(a)(a) “Buyer” means a person who buys or contracts to buy goods.

402.103(1)(b)(b) “Good faith” in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

402.103(1)(c)(c) “Receipt” of goods means taking physical possession of them.

402.103(1)(d)(d) “Seller” means a person who sells or contracts to sell goods.

402.103(2)(2) Other definitions applying to this chapter or to specified sections thereof, and the sections in which they appear are:

402.103(2)(a)(a) “Acceptance” — s. 402.606.

402.103(2)(b)(b) “Banker’s credit” — s. 402.325.

402.103(2)(c)(c) “Between merchants” — s. 402.104.

402.103(2)(d)(d) “Cancellation” — s. 402.106 (1).

402.103(2)(e)(e) “Commercial unit” — s. 402.105.

402.103(2)(f)(f) “Confirmed credit” — s. 402.325.

402.103(2)(g)(g) “Conforming to contract” — s. 402.106.

402.103(2)(h)(h) “Contract for sale” — s. 402.106.

402.103(2)(i)(i) “Cover” — s. 402.712.

402.103(2)(j)(j) “Entrusting” — s. 402.403.

402.103(2)(k)(k) “Financing agency” — s. 402.104.

402.103(2)(L)(L) “Future goods” — s. 402.105.

402.103(2)(m)(m) “Goods” — s. 402.105.

402.103(2)(n)(n) “Identification” — s. 402.501.

402.103(2)(o)(o) “Installment contract” — s. 402.612.

402.103(2)(p)(p) “Letter of credit” — s. 402.325.

402.103(2)(q)(q) “Lot” — s. 402.105.

402.103(2)(r)(r) “Merchant” — s. 402.104.

402.103(2)(s)(s) “Overseas” — s. 402.323.

402.103(2)(t)(t) “Person in position of seller” — s. 402.707.

402.103(2)(u)(u) “Present sale” — s. 402.106.

402.103(2)(v)(v) “Sale” — s. 402.106.

402.103(2)(w)(w) “Sale on approval” — s. 402.326.

402.103(2)(x)(x) “Sale or return” — s. 402.326.

402.103(2)(y)(y) “Termination” — s. 402.106.

402.103(3)(3) The following definitions in other chapters apply to this chapter:

402.103(3)(a)(a) “Check” — s. 403.104.

402.103(3)(b)(b) “Consignee” — s. 407.102.

402.103(3)(c)(c) “Consignor” — s. 407.102.

402.103(3)(d)(d) “Consumer goods” — s. 409.102.

402.103(3)(dm)(dm) “Control” — s. 407.106.

402.103(3)(e)(e) “Dishonor” — s. 403.502.

402.103(3)(f)(f) “Draft” — s. 403.104.

402.103(4)(4) In addition ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

402.103 HistoryHistory: 1983 a. 189 s. 329 (24); 1995 a. 449; 2001 a. 10; 2009 a. 322.

Notes of Decisions

Cited in 5 cases (1 in the last 5 years), 1979–2022 · leading case: Est. of Kriefall v. Sizzler USA Franchise, Inc., 2011 WI App 101 (Wis. Ct. App. 2011).

Sort: Relevance Newest Treatment

Est. of Kriefall v. Sizzler USA Franchise, Inc., 2011 WI App 101 (Wis. Ct. App. 2011). · cites it 5× “" Since as we have already seen, under Wis. Stat. § 402.103 (l)(a) a "Buyer" can be "a person who .”

State Farm Fire & Cas. Co. v. Amazon.Com, Inc., 390 F. Supp. 3d 964 (W.D. Wis. 2019). · cites it 2× “See Wis. Stat. § 402.103 (d) (defining "seller" as "a person who sells or contracts to sell goods"); Wis.”

Wurtz v. Fleischman, 278 N.W.2d 266 (Wis. Ct. App. 1979). · cites it 4× “Section 402.103 (1) (b), Stats., defines good faith in a commercial transaction as "honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.”

Lader's Tiffany Feed & Supply Co. v. Kohl (In Re Kohl), 11 B.R. 470 (Bankr. W.D. Wis. 1981). “§ 402.103(l)(d); and the agreement to sell is a contract for sale as defined in Wis.”

Bryant v. BMW of North Am. LLC (E.D. Wis. 2022). · cites it 2× “” Wis. Stat. §402.103 (1)(a). As defined by the relevant statutes, the terms “consumer” and “buyer” plainly exclude Schaefer.”

— Wis. Stat. § 402.103(1) — 1 case

Wurtz v. Fleischman, 278 N.W.2d 266 (Wis. Ct. App. 1979). “Section 402.103 (1) (b), Stats., defines good faith in a commercial transaction as "honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.”

— Wis. Stat. § 402.103(l)(a) — 1 case

Est. of Kriefall v. Sizzler USA Franchise, Inc., 2011 WI App 101 (Wis. Ct. App. 2011). “" Since as we have already seen, under Wis. Stat. § 402.103 (l)(a) a "Buyer" can be "a person who .”

— Wis. Stat. § 402.103(l)(d) — 1 case

Lader's Tiffany Feed & Supply Co. v. Kohl (In Re Kohl), 11 B.R. 470 (Bankr. W.D. Wis. 1981). “§ 402.103(l)(d); and the agreement to sell is a contract for sale as defined in Wis.”

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