trading as commodities. In many cases, fungibility within a type of good is divided by grade and quality. For example, crude oil is divided into Brent Crude, West Texas Intermediate and other grades, which are not all fungible with each other.

The legal recognition of fungibility is limited. Units of a single model of a product (a model of microwave or a toy, for example) would not generally be treated as fungible even though identical, as there is no trading in the product and no