Lease is a contract renting land, buildings to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation. Laws relating to the sale of goods, in other words, sales law, have their origin in the common law principles of contracts. Article 2 of the Uniform Commercial Code (UCC), however, which governs sales law, has made changes that meet the needs of merchants and consumers who deal with one another contractually in a modern business world. In effect, the UCC has relaxed the rules relating to sales transactions by removing many of the technical requirements relating to contracts under the common law. Under the UCC, it is now far easier to form a binding sales contract. In fact, a sales contract may be made in any manner sufficient to show that the parties intended to be bound, even though essential terms such as price, quantity, place and time for delivery, and terms of payment are missing. These missing terms can be added later by the parties or supplied under other provisions of the Code. To offset these relaxed rules, however, the Code does insist that the parties perform in good faith (honestly) and that the dominant party deals fairly with the other party to the sales transaction.
The UCC defines a sale as a contract that transfers ownership of goods from the seller (vendor) to the buyer for a price. Under the UCC, goods are
The UCC defines a sale as a contract that transfers ownership of goods from the seller (vendor) to the buyer for a price. Under the UCC, goods are