Terms Used In N.Y. Uniform Commercial Code 2-A-203

• 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 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