Asked by
Danielle Pascual
on Nov 27, 2024Verified
Seacoast Transport Company pays Trucks & Trailers Inc. a stated price for the use of seven tractor-trailer rigs for a year. Under the UCC, this is
A) a contract for services.
B) a sublease.
C) a lease.
D) a sale.
Tractor-Trailer Rigs
Large vehicles commonly used for commercial transportation, consisting of a tractor unit that tows one or more trailers.
Stated Price
The price that is explicitly mentioned or listed as part of a transaction or contract.
Lease
Under Article 2A of the UCC, a transfer of the right to possess and use goods for a period of time in exchange for payment. In the context of real property, an agreement by which a property owner (landlord) agrees to give another party (the tenant) the exclusive right to possess the property for a limited time.
- Recognize the importance of the UCC in the context of leasing goods and accurately group transactions as per this framework.
Verified Answer
RP
Learning Objectives
- Recognize the importance of the UCC in the context of leasing goods and accurately group transactions as per this framework.