What is meant by "identification of goods," and how is this a factor in the sale or lease of goods?
What will be an ideal response?
"Identification of goods" means distinguishing the goods named in a contract from the seller's or lessor's other goods. The seller or lessor retains the risk of loss of the goods until he or she identifies them to a sales or lease contract. Further, UCC 2-401(1) and 2-501 prevent title to goods from passing from the seller to the buyer unless the goods are identified to the sales contract. In a lease transaction, title to the leased goods remains with the lessor or a third party. It does not pass to the lessee.
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