Definition of a Lease

Q.  What is a Lease?
- Published on 19 Oct 15

a. A rental agreement between owner of a flat/house and the Tenant, whereby the Tenant pays specified amount on specified dates to the owner
b. A legal contract between the owner of an asset and its user, containing many conditions including payment of a specified amount by the user to the Owner for use of the asset
c. Both (1) and (2)
d. None of the above

ANSWER: A legal contract between the owner of an asset and its user, containing many conditions including payment of a specified amount by the user to the Owner for use of the asset
 
Lease financing for equipment is provided by banks, captives and independent finance companies.

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