Terms Used In N.Y. Uniform Commercial Code 2-A-502

• Contract: A legal written agreement that becomes binding when signed.
• Lease: means a transfer of the right to possession and use
  
  of goods for a term in return for consideration, but a sale,
  
  including a sale on approval or a sale or return, or
  
  retention or creation of a security interest is not a lease. See N.Y. Uniform Commercial Code 2-A-103
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease agreement: means the bargain, with respect to the
  
  lease, of the lessor and the lessee in fact as found in their
  
  language or by implication from other circumstances including
  
  course of dealing or usage of trade or course of performance
  
  as provided in this Article. See N.Y. Uniform Commercial Code 2-A-103
• Lessee: means a person who acquires the right to possession
  
  and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103
• Lessor: means a person who transfers the right to possession
  
  and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103