Terms Used In Virginia Code > Title 8.2A > Part 2 - Formation and Construction of Lease Contract

• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See Virginia Code 8.2A-103
• Fault: means wrongful act, omission, breach, or default. See Virginia Code 8.2A-103
• Finance lease: means a lease with respect to which:

  (i) The lessor does not select, manufacture, or supply the goods;

  (ii) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

  (iii) One of the following occurs:

  (A) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

  (B) The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

  (C) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

  (D) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this title to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Virginia Code 8.2A-103

• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§ Virginia Code 8.2A-103
• 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 Virginia Code 8.2A-103
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this title. See Virginia Code 8.2A-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this title and any other applicable rules of law. See Virginia Code 8.2A-103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Virginia Code 8.2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Virginia Code 8.2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Virginia Code 8.2A-103
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Virginia Code 8.2A-103
• Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Virginia Code 8.2A-103
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.