C. Regarded as commercially interchangeable with other property of the same kind.
Listen to pronunciationLegal Definition - Regarded as commercially interchangeable with other property of the same kind. <Wheat and corn are fungible goods, whereas land is not.>
Black's Law Dictionary® Eighth Edition © 2004
Author's Note - To say this in simple terms, fungible goods are those that can be legally substituted by the seller in a commercial transaction. When you call the florist and order 12 red roses, you ordinarily do not choose the specific roses that will be sent. Roses, like most goods, are fungible. The florist may choose any 12 red roses of like quality. On the other hand, land or an original piece of art is unique and not fungible. A different piece of land or art cannot be legally substituted by the seller.
Recent Usage - "Any self-respecting lawyer has probably said it, or at least thought it: 'Nobody can represent my client better than I can.' On Tuesday the Supreme Court takes up a Missouri case that could enshrine that conceit in constitutional law. The Court in United States v. Gonzalez-Lopez will decide whether and to what extent a paying defendant has an enforceable Sixth Amendment right to the lawyer of his or her choice. For a profession that often takes a beating, the briefs on the defendant's side of the case are an elixir, lyrically praising the special quality of individual lawyers and insisting they are not fungible like eggs or oranges. The briefs reach back in time to the famed 1735 trial of John Peter Zenger, who was denied his choice of lawyers by a biased judge. by Tony Mauro, Legal Times 04-17-2006