A lease that (1) has a value of $25,000 or less and (2) exists between a lessor regularly engaged in the business of leasing or selling and a lessee who leases the goods primarily for a personal, family, or household purpose, is called a ________ lease.
A) Finance
B) Consumer
C) Regulated
D) Commercial
E) Retail

Question

Quizplus · Accepted Answer

This type of lease is called a Consumer lease. It is defined by the value being $25,000 or less and the goods being leased for personal, family, or household purposes, typically involving a lessor who is in the business of leasing or selling.

A Lease That (1) Has a Value of $25,000 or Less