Article 2a leases - Study guides, Class notes & Summaries

Contract Law (Ans- Contract law, which governs the issuance of insurance policies, is concerned with the obligations agreed upon between parties and stipulated in a contract. Contract law ensures that a contract is legally valid and that the legal obligations of the contract are carried out. For a contract to be legally enforceable in court, there must have been an exchange of value (consideration), mutual agreement of the parties (offer and acceptance) and a legal purpose. Parties to the con...

CLFP Exam Questions and Answers Latest Update Scored A+. Oldest Record of Leasing correct answer2010 B.C. in Sumerian City of Ur using Clay tablets for ag tools, land & Water rights, oxen and other animals Code of Hammurabi correct answer1750 BC, acknowledged leasing of Personal Property. First Record of Leasing First Example of A True Lease correct answerShip Charters. Phoenicians leased the ship and crew requiring them to assume benefits and obligations of ownership Statue of Wales corr...

The Formation of Sales and Lease Contracts - •Unlike the judge-made common law, the Uniform Commercial Code (U.C.C.) is statutory law passed by the legislatures of all 50 states. •By making much of contract law uniform across the American states, the U.C.C. attempts to strengthen commerce by simplifying and streamlining transactions. Article 2 - Sales of Goods - •Sale - Passing of title from a seller to a buyer for a price. •Goods - Tangible things that are moveable at the time of t...

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest (GRADED) Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the total amount, which a lessee is required to be paid is an inordinately large portion of the total sum to buy the equipment, 4.) Nomin...

Article 1 of the Uniform Commercial Code concerns _____ _____. Ans: general provisions Article 2 of the Uniform Commercial Code concerns _____ _____ _____. Ans: sales of goods leases of goods Ans: Article 2A of the Uniform Commercial Code concerns _____ _____ _____. Passing of title from a seller to a buyer for a price. Ans: sale Tangible things that are moveable at the time of their identification in the contract. Ans: goods 2 Persons who regularly deal in the goods of the kind invol...

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct Answer-What is significant about IRS Revenue Ruling 55-540? Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the...

Helps avoid tax abuse by defining what is not a lease for tax purposes. - What is significant about IRS Revenue Ruling 55-540? Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - 1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the total amount, which a lessee is required to be paid is an inordinately large portion of the total sum to buy t...

UCC correct answer: modifies terms of a contract that are silent Sale correct answer: Passing title from seller to buyer for a price. Price may be in cash or in other goods or services Article 2 correct answer: Modifies the common law of contracts in certain areas, especially if one of the parties is a merchant Goods correct answer: must be tangible and movable (not land, services or intangibles) Merchant correct answer: A merchant is one who deals in goods of the kind sold, and...

The Formation of Sales and Lease Contracts Ans: •Unlike the judge-made common law, the Uniform Commercial Code (U.C.C.) is statutory law passed by the legislatures of all 50 states. •By making much of contract law uniform across the American states, the U.C.C. attempts to strengthen commerce by simplifying and streamlining transactions. Article 2 - Sales of Goods Ans: •Sale - Passing of title from a seller to a buyer for a price. •Goods - Tangible things that are moveable at the...

BUL 4422 Exam 1 2024 Questions and Answers 100% Correct(Graded A) Three sources of laws that interpret sales contracts exist: - ANSWERS1. state common law 2. the uniform commercial code, and 3. state statutory law Every state except _________ has adopted Article 2 of the UCC. - ANSWERSLouisiana. Louisiana's civil tradition is based on Code Napoleon, or the French Civil Code. Article 2 describes ________ of goods, while Article 2(A) describes the __________ of goods. - ANSWERSArti...