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Can you summarize Title 8.2A VACV?
Code of Virginia > Commercial Code Leases
Short Summary
The provided legal document is part of the Code of Virginia and focuses on the Commercial Code governing leases. It provides definitions for various terms used in lease contracts and applies to any transaction that creates a lease. The document also includes definitions from other titles that are applicable to this title. The document covers various aspects of lease contracts, including insurance and proceeds, risk of loss, warranties, modification and rescission, express warranties, extension of benefit, revocability of offers, identification of goods, formation of lease contracts, seals, terms of agreement, and the Statute of Frauds. The documents govern the rights, obligations, and protections of parties involved in lease contracts, such as lessors, lessees, and suppliers. They outline rules regarding insurance and proceeds, including the avoidance of lease contracts in case of total loss and the lessee’s option to treat the lease contract as avoided or accept the goods with due allowance for partial loss or deterioration. The documents also address the transfer of risk from the lessor to the lessee, specifying when the risk of loss passes based on delivery or possession of the goods. Additionally, the documents cover warranties in lease contracts, including implied warranties of fitness for a particular purpose and merchantability, as well as the ability to exclude or modify warranties through express agreements or course of dealing. They also discuss the extension of benefit from supplier promises and warranties to the lessee in finance leases. The documents provide guidelines for the formation of lease contracts, including the revocability of offers and the identification of goods. They also address the terms of agreement, including the ability to modify or rescind lease contracts and the priority of express warranties over implied warranties. Furthermore, the documents outline the requirements of the Statute of Frauds for enforceability of lease contracts, including the need for a written agreement for lease contracts exceeding $1,000. Overall, these documents establish the legal framework for lease contracts in the Code of Virginia, providing clarity and guidance for parties involved in lease transactions.
Whom does it apply to?
The documents govern the rights, obligations, and protections of parties involved in lease contracts, such as lessors, lessees, and suppliers.
What does it govern?
The provided legal document content consists of excerpts from the Code of Virginia's Commercial Code Leases. It covers various aspects of lease contracts, including insurance and proceeds, risk of loss, warranties, modification and rescission, express warranties, extension of benefit, revocability of offers, identification of goods, formation of lease contracts, seals, terms of agreement, and the Statute of Frauds.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Virginia