A lease is a contact between the owner of an asset (thelessor) and the party desiring to use that asset (thelessee).
A lease is a contract conferring a right on one person(called a tenant or lessee) to possess property belongingto another person (called a landlord or lessor) to theexclusion of the owner landlord.
It is a rental agreement between landlord and tenant.
The relationship between the tenant and the landlord iscalled a
and the right to possession by thetenant is sometimes called a
A lease can be for a fixed period of time (called the
of the lease) but may be terminated sooner.