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Can you summarize MDCM Com. Law, Title 2A?
Commercial Law
Short Summary
The legal documents found in the Code of Maryland under Commercial Law govern various aspects of lease contracts. They provide guidelines for the enforceability, modification, and warranties in lease contracts. The documents specify the requirements for a lease contract to be enforceable, such as the total payments exceeding $1,000 or a written agreement describing the goods leased and the lease term. Exceptions to the requirements include specially manufactured goods or an admission of a lease contract by the party against whom enforcement is sought. The documents also cover the enforceability of lease contracts with respect to received and accepted goods. They outline the rules for modifying lease contracts and the creation of warranties by the lessor. The documents also address the extension of supplier’s promises and warranties to the lessee under a finance lease related to a supply contract. Additionally, they discuss the implied warranties of merchantability and fitness for a particular purpose in lease contracts. The documents provide guidelines for the passage of risk of loss in lease contracts and the creation of insurable interest. They also cover the identification of goods in lease contracts and the rules for the exclusion or modification of warranties. The documents conclude with provisions on the avoidance of lease contracts in case of casualty or loss of goods. Overall, these legal documents apply to parties involved in lease contracts and provide guidelines for the enforceability, modification, and warranties in such contracts.
Whom does it apply to?
Individuals and businesses involved in lease contracts and the sale or lease of goods
What does it govern?
Lease contracts, unconscionable clauses, transfer of leasehold interests, default, rights and remedies, damages, cancellation and termination, actions for default, determination of damages, revocation of acceptance, payment of rent, disposal of goods, recovery of damages, stoppage of delivery, disposition of goods, recovery of collateral, and third-party injury
What are exemptions?
Consumer motor vehicle leasing contracts subject to Title 14, Subtitle 20 of this article or leases for consumer goods subject to Title 12, Subtitle 6 of this article
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Maryland