Asked by Monikka Ramkissoon on Apr 28, 2024
Verified
Marine Expeditions Inc. pays Noah's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is
A) a merchant's firm offer.
B) a contract for services.
C) a lease.
D) a sale.
Oceangoing Vessel
A ship designed and equipped to travel across oceans.
Merchant's Firm Offer
A legal concept in commercial law where a merchant offers to sell goods in a written and signed promise that the offer will remain open and cannot be revoked for a certain period of time.
Lease
A contractual agreement by which one party conveys property, land, or services to another for a specified time, usually in return for a periodic payment.
- Understand the function of the Uniform Commercial Code in relation to the leasing of goods and classify relevant transactions.
Verified Answer
Learning Objectives
- Understand the function of the Uniform Commercial Code in relation to the leasing of goods and classify relevant transactions.
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