Lease at Legal Glossary
What is it? An oral or written agreement (a contract) between two people concerning the use by one of the property of the other. A person can lease real estate (such as an apartment or business property) or personal property (such as a car or a boat). A lease should cover basic issues such as when the lease will begin and end, the rent or other costs, how payments should be made, and any restrictions on the use of the property. The property owner is often called the lessor, and the person using the property is called the lessee.Law Definition Added By: Mackenzie
The Lease definition has been viewed 1118 Time(s)!
Send To Friends!
If you'd like to send the Lease definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Lease. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Legal Terms:
Law Terms letters testamentary is The document given to an executor by the probate court, authorizing the executor to settle the estate according to either a will or the states intestate succession laws.Law Terms rule against perpetuities is An exceedingly complex legal doctrine that limits the amount of time that property can be controlled after death by a persons instructions in a will. For example, a person would not be allowed to leave property to her husband for his life, then to her children for their lives, then to her grandchildren. The gift would potentially go to the grandchildren at a point too remote in time.
Law Terms arrest is A situation in which the police detain a person in a manner that, to any reasonable person, makes it clear she is not free to leave. A person can be under arrest even though the police have not announced it; nor are handcuffs or physical restraint necessary. Questioning an arrested person about her involvement in or knowledge of a crime must be preceded by the Miranda warnings if the police intend to use the answers against the person in a criminal case. If the arrested person chooses to remain silent, the questioning must stop.
Law Terms argument is A persuasive presentation of the law and facts of a case or particular issue within a case to the judge or jury.
Law Terms pay-on-death (POD) designation is A way to avoid probate for bank accounts, government bonds, individual retirement accounts and, in many states, securities or a car. To create a pay-on-death designation, you simply name someone on the ownership document (such as the registration card for a bank account) to inherit the property at your death. You retain complete control of your property while you are alive, and you can change the beneficiary (payee) at any time. At your death, the property is transferred directly to the beneficiary, free of probate.