Asked by Hadeel Damra on Jun 17, 2024
Verified
Under Article 2(A) of the Uniform Commercial Code,"a transfer of the right to possession and use of goods for a term in return for consideration" is a(n) ________.
A) sale of goods
B) lease
C) assignment
D) delegation
E) consignment
Lease
A contract by which one party conveys land, property, services, or goods to another for a specified time, usually in return for a regular payment.
Consideration
The value (such as money, a promise, or a service) exchanged between parties in a contract, making the agreement legally binding.
Right to Possession
The legal authority to control or occupy a piece of property, either by ownership or by lease.
- Distinguish between the transactions of selling goods and leasing under the Uniform Commercial Code, and understand the consequences for the parties involved.
Verified Answer
HN
Hoàng NgânnJun 21, 2024
Final Answer :
B
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."
Learning Objectives
- Distinguish between the transactions of selling goods and leasing under the Uniform Commercial Code, and understand the consequences for the parties involved.