Question

A(n) ________ is a written agreement in which the owner of a piece of property allows an individual or business to use the property for a specified period of time in exchange for payments.

Answer 1

Answer:

Lease

Explanation:

A lease is a contractual agreement between a lessee and a lessor, where the lessee promises to pay the lessor for the usage of his assets. Here, the assets usually leased are properties, industrial or business equipments, buildings and vehicles and are used for a specified period of time in exchange for payments.

The lessee is the one making use of the assets, while the lessor is the one receiving value for the assets leased. Unlike a rent which payment is made regularly upon its expiration usually monthly, a lease is usually for a specified period of time.