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Can you summarize NCGS Chapter 25, Article 2A?
Uniform Commercial Code > Leases.
Short Summary
The provided legal document content pertains to the Statute of Frauds under the North Carolina General Statutes, specifically within the Uniform Commercial Code and Leases section. The statute states that a lease contract is not enforceable unless the total payments under the contract are less than $1,000 or there is a written agreement signed by the party against whom enforcement is sought, indicating the lease contract and describing the goods and lease term. The description of the goods or lease term is sufficient if it reasonably identifies what is described. The statute also allows for enforceability in certain circumstances, such as when the goods are specially manufactured for the lessee, when the party against whom enforcement is sought admits to a lease contract, or when the goods have been received and accepted by the lessee. The lease term can be specified in writing, admitted by the party, determined by the parties’ intent, or deemed reasonable in the absence of evidence. The document does not mention specific penalties for non-compliance or violation. Overall, it provides guidelines for lessees and lessors regarding the enforceability and terms of lease contracts.
Whom does it apply to?
Parties involved in lease contracts and related transactions
What does it govern?
Leases
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
North Carolina