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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A lease is defined by the UCC as a transfer of the right to possession and use of goods for a term in return for consideration, while ownership remains with the lessor. In this scenario, Marine Expeditions, Inc., is paying Nate's Boats for the right to use their oceangoing vessel for a month, which fits the definition of a lease. A service contract would involve the performance of a service rather than the transfer of goods, while a gift and a sale do not accurately describe the transaction in question.