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What is a lease?

April 26, 2017lease

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10 Posted

What is a lease?

10 Answers

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A lease is an exclusive and continuous right to possess or use an article for a period of time. A lease may be a verbal or written contract or agreement.

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An agreement between the owner of the property (lessor) and the user of the property (lessee) for the use, (rental), of property, (leased vehicle), subject to the stated terms and conditions in the lease agreement which detail both the length of time and the agreed upon payment.

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A formal agreement between two or more parties where the owner of the land grants another party the right to drill and produce petroleum substances in exchange for up front bonus payment, payment for surface damages (if applicable), and a royalty for every product sold.

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A lease is an agreement to pay for the use of equipment for a specific time period for a specified amount. There are a number of advantages to leasing which makes it an attractive option for many businesses.

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A lease is a legal agreement between a landlord and tenant. It usually sets out the amount of rent that must be paid and the length of time the apartment or other property may be rented. It also states the rights and duties of both parties.