Asked by Amanda Sammons on Jun 14, 2024
Verified
An auto lease between a consumer and a car dealer is not governed by the UCC because the statute applies only to transactions between merchants.
Auto Lease
An auto lease is a contractual agreement where one party, the lessor, provides an automobile to another party, the lessee, for a specified period, in exchange for regular payments.
Consumer
An individual who purchases goods and services for personal use.
- Contrast the sale of goods with transactions that are not regulated by the Uniform Commercial Code.
- Know the role of merchants in the UCC and how it affects commercial transactions.
Verified Answer
JS
Jared SmallJun 19, 2024
Final Answer :
False
Explanation :
The Uniform Commercial Code (UCC) applies to leases of personal property, including auto leases between consumers and car dealers, not just transactions between merchants. Article 2A of the UCC specifically covers leases of goods.
Learning Objectives
- Contrast the sale of goods with transactions that are not regulated by the Uniform Commercial Code.
- Know the role of merchants in the UCC and how it affects commercial transactions.
Related questions
An Agreement to Transfer the Right to Possess and Use ...
Under the UCC, Merchant's Choice Is the Test to Determine ...
The UCC Promotes Commerce by Simplifying and Streamlining Commercial Transactions
A Sales Contract That Combines Goods with Services Is A(n)________ ...
Which of the Following Are Considered Goods Under the Uniform ...