Which of the following statements is true of a lease?
A) It is a transfer of the ownership of goods from one merchant to another.
B) It is a transfer of the right to possess and use goods belonging to another.
C) It is governed exclusively by Article 2 and Article 9 of the Uniform Commercial Code.
D) It is governed by the same principles of common law that predominantly govern the sale of goods.

Question

Quizplus · Accepted Answer

A lease of goods is a transfer of the right to possess and use goods belonging to another. Article 2A of the Uniform Commercial Code, written in 1987, deals exclusively with leases of goods.

Which of the Following Statements Is True of a Lease