Legal Definitions - lease contract

A lease contract is an agreement between a property owner and a tenant. The owner gives the tenant the right to use and occupy the property in exchange for rent. The lease can be for a fixed period or for as long as the tenant wants to stay. The contract can be written or oral.

Examples:

• John signed a lease contract with his landlord to rent an apartment for one year. He pays rent every month.
• Susan leased a car from a dealership. She pays a monthly fee to use the car for a set period of time.

These examples illustrate how a lease contract works. John and Susan both agreed to pay rent to use the property or car for a specific period of time. The contract protects both the owner and the tenant by outlining their rights and responsibilities.