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Can you summarize ORRS Chapter 72A?
Commercial Transactions - Chapters 71-84 > Leases
Short Summary
This legal document, part of the Oregon Revised Statutes, specifically governs leases in commercial transactions. It provides definitions for various terms used in the context of lease contracts and references other definitions applicable to this chapter. The document also outlines the rights and obligations of lessors and lessees, including the duties of a merchant lessee regarding rightfully rejected goods. It addresses the remedies available to lessees in case of default or breach of warranty, as well as the determination of damages based on market rent. The document also covers the cancellation and termination of lease contracts and the effect of such actions on rights and remedies. It provides guidelines for the modification or impairment of rights and remedies in lease agreements and the liquidation of damages. Additionally, it addresses the duties of a lessee regarding rightfully rejected goods and the lessor’s or supplier’s right to cure nonconforming deliveries. The document also discusses the acceptance of goods and the consequences of acceptance. Overall, this document provides comprehensive guidance on the rights, obligations, and remedies of lessors and lessees in lease contracts in commercial transactions.
Whom does it apply to?
Parties involved in lease contracts, including lessors and lessees
What does it govern?
Leases in commercial transactions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Oregon