CLFP EXAM - Leasing Law | 100% Correct Answers | Verified | Latest 2024 Version

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 What is Contract Law? - Generally a matter of state law. Altho