What is the term for an agreement for a person or organization to rent a property (leasee) from its owner (lessor) for a specific period of time and amount of money?

What is the term for an agreement for a person or organization to rent a property (leasee) from its owner (lessor) for a specific period of time and amount of money?

• A. Leave of Absence (LOA)
• B. Leniency Error
• C. Lease
• D. Learning Portal

Answer: (C)

A lease is a contract that gives a person or organization the right to use property owned by another for a defined period and for a specified rent. It lays out the term (start and end dates), the rent amount and payment schedule, and the responsibilities of both parties (such as who handles repairs, who pays utilities, and any deposits). Because the question specifies a fixed period and a fixed amount of money, it describes a lease—the formal agreement between the owner (lessor) and the tenant (lessee). The other terms mentioned aren’t about renting property; they refer to time off from work, a bias in performance reviews, or an online learning resource, respectively.

A lease is a contract that gives a person or organization the right to use property owned by another for a defined period and for a specified rent. It lays out the term (start and end dates), the rent amount and payment schedule, and the responsibilities of both parties (such as who handles repairs, who pays utilities, and any deposits). Because the question specifies a fixed period and a fixed amount of money, it describes a lease—the formal agreement between the owner (lessor) and the tenant (lessee). The other terms mentioned aren’t about renting property; they refer to time off from work, a bias in performance reviews, or an online learning resource, respectively.