Jurisdiction(s):
United Kingdom

Key definition

Goods definition

What does Goods mean? In legal practice, goods are tangible, movable items that are bought, sold, supplied or hired under commercial or consumer contracts. Across the UK and Ireland, legislation defines the term: the Sale of Goods Act 1979 (England & Wales and Scotland), the Sale of Goods Act (Northern Ireland) 1979, and in Ireland the Sale of Goods Act 1893 as amended by the 1980 Act. Broadly, goods comprise all personal chattels (in Scotland, all corporeal moveables) other than money and things in action. The statutory definition includes emblements and industrial growing crops, and items attached to or forming part of land...

Commercial documentary credits: purpose, absolute versus conditional payment, autonomy and fraud exception, documentary compliance, injunctions, sanctions, and ICC rules (UCP/ISBP)

Published by a LexisNexis Banking & Finance expert

Practice notes

Commercial letters of credit

Commercial letters of credit (sometimes called traditional letters of credit or L/Cs) are used to facilitate the movement of Goods in both international and domestic trade. They are commonly adopted as the method of payment under contracts of sale, especially where a seller is concerned about a buyer’s creditworthiness or the legal framework of the buyer’s jurisdiction. They are also referred to as documentary letters of credit or documentary credits. By comparison, standby letters of credit form a distinct type and serve a different role. They are applied in similar situations to on demand guarantees or performance Bonds, providing a mechanism to secure payment or other obligations. They operate as a form of quasi-security. For information on standby letters of credit, see Practice Note: Characteristics of standby letters of credit and Q&A: What is the difference between a standby Letter of Credit and a letter of credit?...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...