Asked by lauren delancellotti on Jul 18, 2024
Verified
An agreement to transfer the right to possess and use goods for a commercial purpose for a period of time in exchange for payment is a lease.
Right To Possess
The legal authority or right to have physical control over something.
Commercial Purpose
Activities, projects, or transactions intended for business interests or financial gain, as opposed to personal or non-profit endeavors.
- Identify the differences between the sale of goods and transactions not governed by the UCC.
Verified Answer
KE
Kiara EldridgeJul 23, 2024
Final Answer :
True
Explanation :
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time, which fits the description provided.
Learning Objectives
- Identify the differences between the sale of goods and transactions not governed by the UCC.
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