Article 2A — Leases · Section 2a-503
This study guide provides a detailed examination of UCC § 2a-503 concerning leases, focusing on the lessor's duties regarding delivery and condition.
Source: U.C.C. § 2a-503
A lessor shall deliver the goods as specified in the lease contract. If there are no specifications, the lessor must deliver the goods in the condition required under the lease contract at the time and place agreed upon.
UCC § 2a-503 requires lessors to deliver leased goods as specified in the lease agreement. If no specifications are provided, they must deliver the goods in the condition stipulated at the agreed time and place.
A person or entity that leases goods to another party (lessee) under a lease agreement.
All tangible personal property that may be leased under a lease contract.
Example 1
A car leasing company provides a vehicle in new condition as per the lease agreement specifications.
Example 2
A rental equipment supplier fails to deliver a bulldozer in working condition as specified in the lease, resulting in potential breach of contract.