The UCC Does Not Allow for Open Terms to Be

question 52

True/False

The UCC does not allow for open terms to be read into a sales or lease contract.

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Definitions:

Residential Purposes

Refers to the use of property exclusively for living or dwelling by individuals or families, distinct from commercial or industrial uses.

Definite-Term

A term or period with a clear beginning and end. In contracts, it refers to an agreement effective for a specific duration.

Term for Years

A leasehold estate for a specific period of time, which could range from months to years, but has a definite end date.

Lease

A contract granting use or occupation of property during a specified period in exchange for a specified rent.