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1

lease

play
noun \ˈlēs\

Simple Definition of lease

  • : a legal agreement that lets someone use a car, house, etc., for a period of time in return for payment

Source: Merriam-Webster's Learner's Dictionary

Full Definition of lease

  1. 1 :  a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent; also :  the act of such conveyance or the term for which it is made

  2. 2 :  a piece of land or property that is leased

  3. 3 :  a continuance or opportunity for continuance <a new lease on life>

Examples of lease in a sentence

  1. They took out a five-year lease on the house.

  2. We hold leases on both of our cars.



Origin and Etymology of lease

Middle English les, from Anglo-French, from lesser


First Known Use: 14th century


2

lease

verb

Simple Definition of lease

  • : to use (something) for a period of time in return for payment

  • : to allow someone to use (something) for a period of time in return for payment

Source: Merriam-Webster's Learner's Dictionary

Full Definition of lease

leased

leasing

  1. transitive verb
  2. 1 :  to grant by lease

  3. 2 :  to hold under a lease

leasable

play \ˈlē-sə-bəl\ adjective

Examples of lease in a sentence

  1. She leases a red convertible.

  2. I have leased this house for the last four years.

  3. We leased the house to a young married couple.



Origin and Etymology of lease

Anglo-French lesser, laisser, lescher to leave, hand over, lease, from Latin laxare to loosen, from laxus slack — more at slack


First Known Use: circa 1570

Synonym Discussion of lease

hire, let, lease, rent, charter mean to engage or grant for use at a price. hire and let, strictly speaking, are complementary terms, hire implying the act of engaging or taking for use and let the granting of use <we hired a car for the summer> <decided to let the cottage to a young couple>. lease strictly implies a letting under the terms of a contract but is often applied to hiring on a lease <the diplomat leased an apartment for a year>. rent stresses the payment of money for the full use of property and may imply either hiring or letting <instead of buying a house, they decided to rent> <will not rent to families with children>. charter applies to the hiring or letting of a vehicle usually for exclusive use <charter a bus to go to the game>.


LEASE Defined for Kids

1

lease

play
noun \ˈlēs\

Definition of lease for Students

  1. 1 :  an agreement by which a person exchanges property (as a car or house) for a period of time in return for payment or services

  2. 2 :  a piece of property that is leased




2

lease

play
verb

Definition of lease for Students

leased

leasing

  1. :  to give or get the use of (property) in return for payment or services




Law Dictionary

1

lease

play
noun \ˈlēs\

Legal Definition of lease

  1. 1a :  a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner; also :  the act of such conveyance or the term for which it is made — see also sublease — compare easement, license, security interest at interest 1, tenancy Editor's note: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.” building lease :  ground lease in this entry consumer lease :  a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use finance lease :  a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee Editor's note: Under section 2A-103 of the Uniform Commercial Code, before the lessor signs the lease or the lease becomes effective, the lessee must receive a copy of or approve of the contract by which the goods were acquired or must receive a statement of terms (as warranties, disclaimers, and liquidated damages) relating to the contract or notification of where such information can be obtained. ground lease :  a lease of land usually for a long term in consideration of the payment of rent and with the agreement that the lessee build or improve a structure on the land —called also building lease mineral lease :  a lease granting the right to work a mine and extract the minerals or other valuable deposits from it under prescribed conditions (as of time, price, or royalties) —called also mining lease net lease :  a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rent operating lease :  a lease of property and especially equipment for a term which is shorter than the property's useful life and in which the lessor is responsible for certain expenses (as taxes) perpetual lease \pər-ˈpe-chu̇-wəl-\ :  a lease renewable forever at the lessee's option proprietary lease :  a lease used to convey to a member of a cooperative the exclusive possession of a residential unit true lease :  a lease that resembles a security agreement but retains the attributes of a lease b :  property and especially real property that is leased

  2. 2 in the civil law of Louisiana :  a contract by which a person provides labor or services for a price



Origin and Etymology of lease

Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack


2

lease

verb

Legal Definition of lease

leased

leasing

  1. transitive verb
  2. 1 :  to grant by lease to another <leases mopeds to tourists>

  3. 2 :  to hold under a lease <a company leasing a fleet of cars for its executives>

  4. intransitive verb
  5. 1 :  to be under a lease or subject to a lease <the vacation house leases for $500 a week>

  6. 2 :  to grant property by a lease <have leased to students in the past>





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