Terms Used In Tennessee Code > Title 47 > Chapter 2A > Part 2 - Formation and Construction of Lease Contract

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• 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 Tennessee Code 47-2A-103
• Contract: A legal written agreement that becomes binding when signed.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fault: means wrongful act, omission, breach, or default. See Tennessee Code 47-2A-103
• Finance lease: means a lease with respect to which:
  (i) the lessor does not select, manufacture, or supply the goods. See Tennessee Code 47-2A-103
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See Tennessee Code 47-2A-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: 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 Tennessee Code 47-2A-103
• 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 Tennessee Code 47-2A-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 Tennessee Code 47-2A-103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Tennessee Code 47-2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
• 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.
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• Statute: A law passed by a legislature.
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Tennessee Code 47-2A-103
• Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Tennessee Code 47-2A-103
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105