Under the Code, a contract to sell or lease personal property is recognized whenever the parties manifest such an intent, even if they cannot identify a precise moment the contract was formed. True / false

Question

Social Studies

Roberson

6 April, 10:11

Under the Code, a contract to sell or lease personal property is recognized whenever the parties manifest such an intent, even if they cannot identify a precise moment the contract was formed. True / false

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Answers (1)

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Beatrice Sherman · Answer 1

True

Explanation:

Under the Uniform Commercial Code, a contract to sell or lease personal property is simply a transfer of the rights to use and possession of goods for a term that can be considered by both parties. As long as the parties involved in the contract manifests an intent, but cannot identify the exact time or moment that they formed a contract, a contract to sell or lease is still recognized.