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Simple English definitions for legal terms
consumer lease
Read a random definition: extinguishment
A quick definition of consumer lease:
A consumer lease is when someone rents something, like a car or a TV, from a company that specializes in renting those things to people for personal use. The person who rents the item pays a fee, called rent, to the company for the right to use it for a certain amount of time. It's like borrowing something, but you have to pay for it.A more thorough explanation:
Definition: A consumer lease is a contract by which a person who is in the business of selling or leasing a product primarily for personal or household use conveys the right to use that product in exchange for consideration. It is also known as a lease agreement or lease contract.
Example: A car dealership offers a consumer lease to a customer who wants to lease a car for personal use. The customer pays a monthly fee to use the car for a specified period, usually a few years. At the end of the lease term, the customer can either return the car or buy it at a predetermined price.
Explanation: The example illustrates a consumer lease where the car dealership leases a car to a customer for personal use. The customer pays a monthly fee to use the car, and the dealership retains ownership of the car. The lease agreement specifies the terms and conditions of the lease, including the lease term, monthly payments, and end-of-lease options.