Marine Expeditions, Inc., pays Nate's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

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The transaction between Marine Expeditions, Inc. and Nate's Boats involves the rental of an oceangoing vessel for a month, which falls under the category of a lease agreement, as opposed to a sale or a merchant's firm offer. The UCC defines a lease as a transfer of the right to possession and use of goods for a term in return for consideration, while a sale refers to a transfer of ownership of goods for consideration.