Standard Office Corporation pays Tech Products $100 to use a Tech com?puter for a month.For purposes of the UCC,this is
A)a bailment.
B)a consignment.
C)a lease.
D)a sale.

Question

Quizplus · Accepted Answer

The payment made by Standard Office Corporation to Tech Products for the use of a computer for a month is an example of a lease agreement. In a lease, the owner of the property (Tech Products) rents it out to another party (Standard Office Corporation) in exchange for payment. This is different from a sale, where the ownership of the property is transferred permanently to the buyer. A bailment involves the transfer of possession but not ownership of property, and a consignment involves the transfer of goods to a seller for the purpose of resale. Neither of these options accurately describe the arrangement between Standard Office Corporation and Tech Products.

Standard Office Corporation Pays Tech Products $100 to Use a Tech