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Simple English definitions for legal terms
lease
Read a random definition: involuntary bailment
A quick definition of lease:
A lease is a special agreement between two people. One person owns something, like a house or a car, and the other person wants to use it for a while. The owner lets the other person use it for a certain amount of time, but the owner still owns it. The person using it has to pay the owner some money every month. This agreement is called a lease.
A more thorough explanation:
A lease is a legal agreement between two parties where one party, known as the lessor, allows the other party, known as the lessee, to use their property for a specific period of time in exchange for payment, usually in the form of monthly rent.
For example, if you want to rent an apartment, you would sign a lease agreement with the landlord. The lease would outline the terms of the rental, such as the amount of rent, the length of the lease, and any restrictions on the use of the property.
Another example would be if a business owner wants to lease a storefront for their business. They would sign a lease agreement with the property owner, agreeing to pay rent for a certain period of time in exchange for the use of the property.
Leases are important because they provide legal protection for both the lessor and the lessee. The lease outlines the responsibilities of each party and helps to prevent disputes or misunderstandings.