Virginia Code 8.7-509: Receipt or bill; when adequate compliance with commercial contract
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Whether a document is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is governed by the titles on sales (Title 8.2), leases (Title 8.2A), or letters of credit (Title 8.5A).
Terms Used In Virginia Code 8.7-509
- Contract: A legal written agreement that becomes binding when signed.
- Document: means document of title as defined in the general definitions in Title 8. See Virginia Code 8.7-102
- 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
1964, c. 219; 2004, c. 200.