2(1)A thing is deemed to be done “in good faith” within the meaning of this Act when it is in fact done honestly, whether it is done negligently or not.

2(2)A person is deemed to be insolvent within the meaning of this Act who either has ceased to pay his or her debts in the ordinary course of business, or cannot pay his or her debts as they become due, whether the person has committed an act of bankruptcy or not.

2(3)Goods are in a “deliverable state” within the meaning of this Act when they are in such a state that the buyer would under the contract be bound to take delivery of them.