Michigan Compiled Laws 174-1962-2a-2 Part 2 Formation And Construction Of Lease Contract (440.2851...440.2871)

• Section 440.2851 Lease Contract; Enforcement By Action Or Defense; Conditions; Sufficiency Of Description Or Writing; Determination Of Term.
  (1) A lease contract is not enforceable by way of action or defense unless 1 of the following applies: (a) The total payments to...
• Section 440.2852 Final Written Expression; Parol Or Extrinsic Evidence.
  Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the...
• Section 440.2853 Effect Of Seal Affixed To Writing.
  The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render...
• Section 440.2854 Lease Contract; Sufficiency To Show Agreement; Conduct; Open Terms.
  (1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of...
• Section 440.2855 Firm Offer; Assurances To Hold Offer Open.
  An offer by a merchant to lease goods to or from another person in a signed writing that by its terms gives assurance it...
• Section 440.2856 Offer To Make Lease Contract; Manner Of Acceptance; Lapse.
  (1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must be construed as inviting acceptance in...
• Section 440.2857 Repealed. 2012, Act 86, Eff. July 1, 2013.
  Compiler's Notes: The repealed section pertained to course of performance and construction of terms.
• Section 440.2858 Lease Agreement; Modification Or Rescission; Waiver; Retraction.
  (1) An agreement modifying a lease contract needs no consideration to be binding. (2) A signed lease agreement that excludes modification or rescission except...
• Section 440.2859 Supply Contract; Extension Of Benefits Of Supplier Promises And Of Warranties To Lessee; Limitations; Effect Of Modification Or Rescission; Retention Of Rights.
  (1) The benefit of a supplier's promises to the lessor under the supply contract and of all warranties, whether express or implied, including those...
• Section 440.2860 Express Warranties; Creation.
  (1) Express warranties by the lessor are created as follows: (a) Any affirmation of fact or promise made by the lessor to the lessee...
• Section 440.2861 Warranty Against Claim Or Interest In Goods; Claim By Way Of Infringement; Specifications Furnished By Lessee.
  (1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the...
• Section 440.2862 Implied Warranty Of Merchantability; Other Implied Warranties.
  (1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is...
• Section 440.2863 Implied Warranty Of Fitness For A Particular Purpose.
  Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose...
• Section 440.2864 Limiting, Negating, Excluding, Or Modifying Warranties; Construction Of Words Or Conduct.
  (1) Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit a warranty must...
• Section 440.2865 Inconsistent Warranties; Intent; Rules Of Construction.
  Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention...
• Section 440.2866 Warranty; Extension To Persons In Family, Household, Or To Guest; Exclusion, Modification, Or Limitation.
  A warranty to or for the benefit of a lessee under this article, whether express or implied, extends to any natural person who is...
• Section 440.2867 Lease Contract; Identification Of Goods; Absence Of Explicit Agreement.
  Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to...
• Section 440.2868 Lease Contract; Insurable Interest In Goods.
  (1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and...
• Section 440.2869 Risk Of Loss; Passage To Lessee.
  (1) Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the lessee....
• Section 440.2870 Risk Of Loss; Repudiation; Default.
  (1) Where risk of loss is to pass to the lessee and the time of passage is not stated, then the following rules apply:...
• Section 440.2871 Casualty To Identified Goods Before Delivery Or Risk Of Loss Passes.
  If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the...

Last modified: October 10, 2016