Foreign exchange contracts and the applicability of article 2 of the UCC

Should foreign exchange contracts be treated as transactions in goods governed by Article Two of the Uniform Commercial Code or should they be treated as contracts sui generis, which are governed by general rules of contract law? The answer is important for on any given day hundreds of billions of dollars are transacted under foreign exchange contracts. The author examines this issue with special focus on the decision of the U.S. Court of Appeals in the case of In re Koreag.