Kentucky Statutes 355.2A-204 – Formation in general
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(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract.
(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.
(3) Although one (1) or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract and there is a reasonably certain basis for giving an appropriate remedy.
Effective: January 1, 1991
History: Created 1990 Ky. Acts ch. 363, sec. 13, effective January 1, 1991.
(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.
Terms Used In Kentucky Statutes 355.2A-204
- 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 Kentucky Statutes 355.2A-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 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 Kentucky Statutes 355.2A-103
(3) Although one (1) or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract and there is a reasonably certain basis for giving an appropriate remedy.
Effective: January 1, 1991
History: Created 1990 Ky. Acts ch. 363, sec. 13, effective January 1, 1991.