If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or section 28-12-219, then:
(1) If the loss is total, the lease contract is avoided; and

Terms Used In Idaho Code 28-12-221

  • 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 a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000). See Idaho Code 28-12-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Fault: means wrongful act, omission, breach or default. See Idaho Code 28-12-103
  • Finance lease: means a lease with respect to which:
Idaho Code 28-12-103
  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 28-12-309, Idaho Code), 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 Idaho Code 28-12-103
  • 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 Idaho Code 28-12-103
  • 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 chapter. See Idaho Code 28-12-103
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Idaho Code 28-12-103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See Idaho Code 28-12-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See Idaho Code 28-12-103
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Idaho Code 28-12-103
    • (2) If the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.