Under NY law, which article governs the lease of goods?

Under NY law, which article governs the lease of goods?

• A. Common Law
• B. Art. 2a
• C. Art. 2
• D. Constitution

Answer: (B)

Leases of goods are governed by Article 2A of the Uniform Commercial Code. This part of the UCC is dedicated to transactions in which one party provides the right to use tangible goods to another party in exchange for payment, and it sets out how such leases form, performance standards, risk of loss, warranties, and remedies. Article 2, on the other hand, covers the sale of goods and the transfer of ownership, not the lease relationship. So for a contract renting or leasing equipment, vehicles, or other goods, Article 2A is the applicable law. The Constitution or general common law don’t regulate these lease terms in the way 2A does.

Leases of goods are governed by Article 2A of the Uniform Commercial Code. This part of the UCC is dedicated to transactions in which one party provides the right to use tangible goods to another party in exchange for payment, and it sets out how such leases form, performance standards, risk of loss, warranties, and remedies. Article 2, on the other hand, covers the sale of goods and the transfer of ownership, not the lease relationship. So for a contract renting or leasing equipment, vehicles, or other goods, Article 2A is the applicable law. The Constitution or general common law don’t regulate these lease terms in the way 2A does.