Asked by Bethany Cheek on Jul 12, 2024
Verified
Leases of personal property exceed $100 billion annually and are governed by Article 2A of the UCC.
Personal Property
Movable assets owned by an individual or entity, as opposed to real estate or land.
Article 2A
A section within the Uniform Commercial Code that covers the law of leases of personal property.
- Identify the leasing terms as outlined in the Uniform Commercial Code, focusing on the differences in consumer leases and the workings of finance leases.
Verified Answer
RS
Rachel StollaJul 15, 2024
Final Answer :
True
Explanation :
Leases of personal property do indeed exceed $100 billion annually, and they are governed by Article 2A of the Uniform Commercial Code (UCC), which specifically deals with the leasing of personal property.
Learning Objectives
- Identify the leasing terms as outlined in the Uniform Commercial Code, focusing on the differences in consumer leases and the workings of finance leases.