In legal terms, “goods” typically refer to tangible items that are capable of being moved or transferred from one party to another in a transaction. Goods can include physical objects such as merchandise, equipment, vehicles, and other items that are bought, sold, or exchanged in commercial transactions. The concept of goods is often distinguished from services, which involve intangible actions or tasks performed for someone else’s benefit.
Goods represent physical items that can be bought, sold, or exchanged in commercial transactions, and they are subject to legal regulations and protections to ensure fair and lawful transactions between parties.
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This glossary post was last updated: 29th March, 2024.
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