CLFP EXAM – LEASING LAW EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
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Terms in this set (59)
What is Statutory Law? Includes law enacted by legislative bodies such
as state legislatures and US Congress. The
Uniform Commercial Code or "UCC" is a body of
the state statutory law.
What is Regulatory Law? Consists of regulations adopted by public
bodies. Examples of regulatory law are
regulations issued by the Internal Revenue
Service (IRS) or the Securities Exchange
Commission (SEC). Generally regulatory laws are
not binding up the courts in the manner or
statutory laws, but may be subject to broader
interpretation
What is Federal Law? Encompasses laws adopted by the US Congress
such as the IRS and Bankruptcy Code. Although
federal case precedent may be important in
interpreting these and other statutory laws,
federal common law generally has little
application to equipment leasing and finance
transactions
, What is State Law? General more relevant to the day to day leasing
operations. State law include the UCC and cases
interpreting it. Particular sate statutory tax laws
are also important in leasing consideration
What is Conflicts of Law? Refers to inconsistencies in laws from state to
state. Because state laws are not uniform, the
concept of "conflict of laws" often comes into
play. This is the concept under which a court
chooses to apply the law of one state over
another. For example,, the usury law of a given
sate my hold a lease unenforceable, while the
law of another state will allow it to be enforced
as written
What is "choice of law" provision? language added to lease documents in which the
lease states that the law of a particular state will
be applied in any dispute regarding the lease.
Generally speaking the courts uphold the choice
of law if the overall transaction bear some
"reasonable" relation" to the states law is chosen
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Save
Terms in this set (59)
What is Statutory Law? Includes law enacted by legislative bodies such
as state legislatures and US Congress. The
Uniform Commercial Code or "UCC" is a body of
the state statutory law.
What is Regulatory Law? Consists of regulations adopted by public
bodies. Examples of regulatory law are
regulations issued by the Internal Revenue
Service (IRS) or the Securities Exchange
Commission (SEC). Generally regulatory laws are
not binding up the courts in the manner or
statutory laws, but may be subject to broader
interpretation
What is Federal Law? Encompasses laws adopted by the US Congress
such as the IRS and Bankruptcy Code. Although
federal case precedent may be important in
interpreting these and other statutory laws,
federal common law generally has little
application to equipment leasing and finance
transactions
, What is State Law? General more relevant to the day to day leasing
operations. State law include the UCC and cases
interpreting it. Particular sate statutory tax laws
are also important in leasing consideration
What is Conflicts of Law? Refers to inconsistencies in laws from state to
state. Because state laws are not uniform, the
concept of "conflict of laws" often comes into
play. This is the concept under which a court
chooses to apply the law of one state over
another. For example,, the usury law of a given
sate my hold a lease unenforceable, while the
law of another state will allow it to be enforced
as written
What is "choice of law" provision? language added to lease documents in which the
lease states that the law of a particular state will
be applied in any dispute regarding the lease.
Generally speaking the courts uphold the choice
of law if the overall transaction bear some
"reasonable" relation" to the states law is chosen
