A
lease is a legally enforceable contract which defines the relationship between
an owner, the lessor, and a renter, the lessee. A typical lease spells out all
of the terms involved in a land or merchandise rental agreement, including the
length of time a lessee may use it and what condition it must be in upon return
to the lessor. The amount of payments and any financial penalties for late
payments may also be included in a lease contract.