Terms Used In N.Y. Uniform Commercial Code 2-A-516

• Consumer lease: means a lease that a lessor regularly
  
  engaged in the business of leasing or selling makes to a
  
  lessee who is an individual and who takes under the lease
  
  primarily for personal, family, or household purposes. See N.Y. Uniform Commercial Code 2-A-103
• Contract: A legal written agreement that becomes binding when signed.
• Finance lease: means a lease with respect to which: (i) the
  
  lessor does not select, manufacture, or supply the goods;
  
  (ii) the lessor acquires the goods or the right to possession
  
  and use of the goods in connection with the lease; and (iii)
  
  one of the following occurs: (A) the lessee receives a copy
  
  of the contract by which the lessor acquired the goods or the
  
  right to possession and use of the goods before signing the
  
  lease contract; (B) the lessee's approval of the contract by
  
  which the lessor acquired the goods or the right to
  
  possession and use of the goods is a condition to
  
  effectiveness of the lease contract; (C) the lessee, before
  
  signing the lease contract, receives an accurate and complete
  
  statement designating the promises and warranties, and any
  
  disclaimers of warranties, limitations or modifications of
  
  remedies, or liquidated damages, including those of any third
  
  party, such as the manufacturer of the goods, provided to the
  
  lessor by the person supplying the goods in connection with
  
  or as part of the contract by which the lessor acquired the
  
  goods or the right to possession and use of the goods; or (D)
  
  if the lease is not a consumer lease, the lessor, before the
  
  lessee signs the lease contract, informs the lessee in
  
  writing (a) of the identity of the person supplying the goods
  
  to the lessor, unless the lessee has selected that person and
  
  directed the lessor to acquire the goods or the right to
  
  possession and use of the goods from that person, (b) that
  
  the lessee is entitled under this Article to the promises and
  
  warranties, including those of any third party, provided to
  
  the lessor by the person supplying the goods in connection
  
  with or as part of the contract by which the lessor acquired
  
  the goods or the right to possession and use of the goods,
  
  and (c) that the lessee may communicate with the person
  
  supplying the goods to the lessor and receive an accurate and
  
  complete statement of those promises and warranties,
  
  including any disclaimers and limitations of them or of
  
  remedies. See N.Y. Uniform Commercial Code 2-A-103
• Goods: means all things that are movable at the time of
  
  identification to the lease contract, or are fixtures
  
  (Section 2-A-309), but the term does not include money,
  
  documents, instruments, accounts, chattel paper, general
  
  intangibles, or minerals or the like, including oil and gas,
  
  before extraction. See N.Y. Uniform Commercial Code 2-A-103
• 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
• Lease contract: means the total legal obligation that
  
  results from the lease agreement as affected by this Article
  
  and any other applicable rules of law. 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
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Supplier: means a person from whom a lessor buys or leases
  
  goods to be leased under a finance lease. See N.Y. Uniform Commercial Code 2-A-103