Same: Goods; Merchandise Certificate; Services; Sale of

Goods; Sale of Services; Sale of an Interest in Land; Precomputed.

(1)Goods include goods not yet in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title and instruments.

(2)Merchandise certificate means a writing issued by a seller not redeemable in cash and to be used in its face amount in lieu of cash in exchange for goods for services.

(3)Services includes

(a)work, labor and other personal services, and

(b)privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations, and the like. Service does not include insurance.

(4)Sale of goods includes a bailment or lease of goods which is intended as a means whereby the bailee or lessee will ultimately become the owner of the goods. A bailment or lease under which the bailee or lessee has the privilege to purchase or retain the goods for no additional consideration or for a nominal consideration is one so intended but a sale on approval is not.

(5)Sale of services means furnishing or agreeing to furnish services and includes making arrangements to have services furnished by another.

(6)Sale of an interest in land includes a lease in which the lessee has an option to purchase an interest in land and the rental or other payments previously made by him are applied in a substantial part to the purchase price.

(7)A sale, refinancing or consolidation is precomputed if the debt is expressed as a sum comprising the amount financed and the amount of the credit service charge computed in advance.