Interstate 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

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The use of seven tractor-trailer rigs for a year constitutes a lease under the UCC since the lessor, Trucks & Trailers Inc., is providing the lessee, Interstate Transport Company, with the right to possession and use of the leased property in exchange for payment. This differs from a sale in which ownership of the property is transferred to the buyer.

Interstate Transport Company Pays Trucks & Trailers Inc