Asked by Abbie Mulbarger on May 07, 2024
Verified
Under Article 2(A) of the UCC, a(n) ________ is defined as a transfer of the right to possession and use of goods for a term in return for consideration.
A) sale of goods
B) consignment
C) assignment
D) rental
E) lease
Article 2(A)
Generally refers to a specific section within a broader legal document or statute, often needing context for precise definition.
Lease
A contractual agreement where one party (the lessee) is granted the right to use property owned by another party (the lessor) for a specified period in exchange for periodic payments.
- Understand the distinctions between financial and consumer leasing agreements.
Verified Answer
EV
Emily VargasMay 13, 2024
Final Answer :
E
Explanation :
Under Article 2(A) of the Uniform Commercial Code (UCC), a lease is defined as a transfer of the right to possession and use of goods for a term in return for consideration. This distinguishes it from a sale, which involves the transfer of ownership of goods.
Learning Objectives
- Understand the distinctions between financial and consumer leasing agreements.