Section 402.103 - Definitions and index of definitions(1) In this chapter unless the context otherwise requires: (a) "Buyer" means a person who buys or contracts to buy goods.(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.(c) "Receipt" of goods means taking physical possession of them.(d) "Seller" means a person who sells or contracts to sell goods.(2) Other definitions applying to this chapter or to specified sections thereof, and the sections in which they appear are:(a) "Acceptance" - s. 402.606.(b) "Banker's credit" - s. 402.325.(c) "Between merchants" - s. 402.104.(d) "Cancellation" - s. 402.106(1).(e) "Commercial unit" - s. 402.105.(f) "Confirmed credit" - s. 402.325.(g) "Conforming to contract" - s. 402.106.(h) "Contract for sale" - s. 402.106.(i) "Cover" - s. 402.712.(j) "Entrusting" - s. 402.403.(k) "Financing agency" - s. 402.104.(l) "Future goods" - s. 402.105.(m) "Goods" - s. 402.105.(n) "Identification" - s. 402.501.(o) "Installment contract" - s. 402.612.(p) "Letter of credit" - s. 402.325.(r) "Merchant" - s. 402.104.(s) "Overseas" - s. 402.323.(t) "Person in position of seller" - s. 402.707.(u) "Present sale" - s. 402.106.(w) "Sale on approval" - s. 402.326.(x) "Sale or return" - s. 402.326.(y) "Termination" - s. 402.106.(3) The following definitions in other chapters apply to this chapter: (a) "Check" - s. 403.104.(b) "Consignee" - s. 407.102.(c) "Consignor" - s. 407.102.(d) "Consumer goods" - s. 409.102.(dm) "Control" - s. 407.106.(e) "Dishonor" - s. 403.502.(f) "Draft" - s. 403.104.(4) In addition ch. 401 contains general definitions and principles of construction and interpretation applicable throughout this chapter.1983 a. 189 s. 329 (24); 1995 a. 449; 2001 a. 10; 2009 a. 322.