Asked by Ninh Thi Thuy Trang on Jun 11, 2024
Verified
Under Article 2(A) of the Uniform Commercial Code,a person who acquires the right to possession and use of goods under a lease is a(n) ________.
A) buyer
B) delegatee
C) lessee
D) lessor
E) assignee
Lessee
An individual or entity who leases an asset from another, the lessor, under the terms of a lease agreement.
Possession and Use
The act of holding property and utilizing it, which may imply certain rights or obligations under the law.
Lease
A contract by which one party conveys land, property, services, or the use of assets to another party for a specified time, usually in return for a periodic payment.
- Identify the differences in the sale of goods and leasing activities as governed by the UCC, and comprehend the repercussions for the entities involved.
Verified Answer
CH
Courtney HayesJun 15, 2024
Final Answer :
C
Explanation :
UCC Section 2A-103(j)defines a lease as "a transfer of the right to possession and use of goods for a term in return for consideration." A lessee is "a person who acquires the right to possession and use of goods under a lease."
Learning Objectives
- Identify the differences in the sale of goods and leasing activities as governed by the UCC, and comprehend the repercussions for the entities involved.