Under a lease of specific and ascertained goods that are already in existence, identification takes place at the time the contract is made.

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In a lease of specific and ascertained goods, identification takes place at the time of contract or agreement. This means that the goods are already known and exist at the time of the lease agreement. Identification is a crucial step in a lease agreement, as it determines the point at which the lessee takes possession and responsibility for the goods.

Under a Lease of Specific and Ascertained Goods That Are