(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract.
(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.
(3) Although one or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract and there is a reasonably certain basis for giving an appropriate remedy.
History: 1978 Comp., § 55-2A-204, enacted by Laws 1992, ch. 114, § 20.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source. — Section 2-204 [55-2-204 NMSA 1978].
Changes. — Revised to reflect leasing practices and terminology.
"Agreement". Section 1-201(3) [55-1-201 NMSA 1978].
"Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978].
"Party". Section 1-201(29) [55-1-201 NMSA 1978].
"Remedy". Section 1-201(34) [55-1-201 NMSA 1978].
"Term". Section 1-201(42) [55-1-201 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 20 effective July 1, 1992.
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