§ 47-2A-401 Insecurity – Adequate assurance of performance
§ 47-2A-402 Anticipatory repudiation
§ 47-2A-403 Retraction of anticipatory repudiation
§ 47-2A-404 Substituted performance
§ 47-2A-405 Excused performance
§ 47-2A-406 Procedure on excused performance
§ 47-2A-407 Irrevocable promises – Finance leases

Terms Used In Tennessee Code > Title 47 > Chapter 2A > Part 4 - Performance of Lease Contract: Repudiated, Substituted and Excused

  • 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.
  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • 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
  • 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.
  • 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.
  • 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
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105