Terms Used In New Jersey Statutes 12A:2A-509

• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See New Jersey Statutes 12A:2A-103
• Contract: A legal written agreement that becomes binding when signed.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (12A:2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See New Jersey Statutes 12A:2A-103
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See New Jersey Statutes 12A:2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See New Jersey Statutes 12A:2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See New Jersey Statutes 12A:2A-103