Section 2A-201(1)of the Uniform Commercial Code States That Lease Contracts

question 13

True/False

Section 2A-201(1)of the Uniform Commercial Code states that lease contracts involving payments of $1, 000 or more must be in writing.

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Definitions:

Minor

An individual under the legal age of adulthood, usually under 18, with certain restrictions on their legal rights and responsibilities.

Exculpatory Clauses

Provisions in a contract that release one party from liability for wrongful acts or negligence.

Illegal

Activities or actions that are forbidden by law and subject to penalties.

Parents

Individuals who have a biological or legal responsibility for raising and caring for a child.