Examlex
An automobile is a personal use asset for most buyers.
Seller/Lessor
A party in a transaction that provides goods or property to a buyer or lessee under the terms of a contract.
Buyer/Lessee
An individual or entity that purchases or leases goods or property from another party under agreed-upon terms.
Common Law Rule
A principle or rule established in previous legal cases that is either binding on or persuasive for a court or other tribunal when deciding subsequent cases with similar issues or facts.
Perfect Tender Rule
A legal principle that requires the delivery of goods to be exactly as specified in the contract without any deviations or defects.
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