Sec. 45.12.216. Third-party beneficiaries of express and implied warranties.
A warranty to or for the benefit of a lessee under this chapter, whether express or implied, extends to any natural person who may reasonably be expected to use, consume, or be affected by the goods and who is injured in person by breach of the warranty. This section does not displace principles of law […]
Sec. 45.12.217. Identification.
Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs (1) when the lease contract is made if the lease contract is for a lease of goods that are existing […]
Sec. 45.12.218. Insurance and proceeds.
(a) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and the lessee has an option to reject them. (b) If a lessee has an insurable interest only by reason of the lessor’s identification of the goods, the lessor, until default or […]
Sec. 45.12.219. Risk of loss.
(a) Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the lessee. In the case of a finance lease, risk of loss passes to the lessee. (b) Subject to the provisions of AS 45.12.220 on the effect of default on risk of loss, […]
Sec. 45.12.220. Effect of default on risk of loss.
(a) Where risk of loss is to pass to the lessee and the time of passage is not stated (1) if a tender or delivery of goods so fails to conform to the lease contract as to give a right of rejection, the risk of their loss remains with the lessor, or, in the case […]
Sec. 45.12.221. Casualty to identified goods.
If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor, or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee under the lease agreement or AS 45.12.219 then, if the loss is […]
Sec. 45.12.215. Cumulation and conflict of warranties express or implied.
Warranties, whether express or implied, shall be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply: (1) exact or technical specifications displace an inconsistent sample or model or general language of […]
Sec. 45.12.201. Statute of frauds.
(a) A lease contract is not enforceable by way of action or defense unless (1) the total payments to be made under the lease contract, excluding payments for options to renew or buy, are less than $1,000; or (2) there is a writing, signed by the party against whom enforcement is sought or by that […]
Sec. 45.12.202. Final written expression: parol or extrinsic evidence.
Terms with respect to which the confirmatory memoranda of the parties agree or that are otherwise set out in a writing intended by the parties as a final expression of their agreement with respect to the terms that are included in the memoranda or other writing may not be contradicted by evidence of a prior […]
Sec. 45.12.203. Seals inoperative.
The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render the writing a sealed instrument, and the law with respect to sealed instruments does not apply to the lease contract or offer.