Terms Used In Utah Code > Title 70A > Chapter 2a > Part 4 - Obligation, Repudiation, Excused Performance

• 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. See Utah Code 70A-2a-103
• Contract: A legal written agreement that becomes binding when signed.
• Fault: means wrongful act, omission, breach, or default. See Utah Code 70A-2a-103
• Finance lease: means a lease in which:

  (i)	the lessor does not select, manufacture, or supply the goods;

  (ii)	the lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

  (iii)

  one of the following occurs: (A)  the lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract; (B)  the lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract; (C)  the lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations, or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or (D)  if the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing: (I)  of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person; (II)  that the lessee is entitled under this chapter to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and (III)  that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Utah Code 70A-2a-103 Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures. See Utah Code 70A-2a-103 Lease: means a transfer of the right to possession and use of goods for a term, in return for consideration. See Utah Code 70A-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 chapter and any other applicable rules of law. See Utah Code 70A-2a-103 Lessee: means a person who acquires the right to possession and use of goods under a lease. See Utah Code 70A-2a-103 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Utah Code 70A-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. Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Utah Code 70A-2a-103 Writing: includes :Utah Code 68-3-12.5