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

Name: Marine Expeditions Inc. pays Noah's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is
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This is considered a lease under the Uniform Commercial Code (UCC) because it involves the transfer of the right to possess and use goods (in this case, an oceangoing vessel) for a period of time in exchange for payment.