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A general and brief definition of a common lease.

Items (automobiles, equipment tools, houses, land, etc) that is leased means the owner (leasor) keeps title (ownership) to the Item(s) and grants the lessee the right to reasonablyuse it for its stated or obvious intended use (usually defined in the lease agreement) for a definite period of time as set forth in a lease-agreement. If the item(s), while being so reasonably used, becomes defective or broken for some reason not by the negligence or fault of lessee, the lessor usually replaces the equipment with similar equipment for the remaining lease period. At the end of the lease period, the lessee returns the equipment; or, it can often be purchased by the lessee for a agreed sum.

If one has questions concerning the lease-agreement, an attorney should be consulted, as there can be other factors not included in the above definition that may be important and change the way the a particular lease is intended.

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13y ago

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