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Simple English definitions for legal terms
fungible goods
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A quick definition of fungible goods:
Fungible goods are things that can be easily replaced by something else that is just like it. For example, if you have a bag of rice, you can replace it with another bag of rice and it will be the same. Fungible goods are usually things that are traded or sold, like crops or oil. They are not unique or one-of-a-kind, but can be easily exchanged for something else of the same value.
A more thorough explanation:
Fungible goods are items that are interchangeable with each other. This means that they are equivalent to any other like unit. For example, coffee beans or grains are fungible goods because one unit of coffee or grain is the same as any other unit of coffee or grain.
Other examples of fungible goods include:
- Oil
- Gold
- Currency
- Electricity
These examples illustrate the definition of fungible goods because they are all items that can be exchanged for another unit of the same item without any difference in value or quality.