Lease

{
  "id": "MLC-T-LAW-002954",
  "term": "Lease",
  "field": "Law",
  "definition": "A contractual agreement by which one party, the lessor, grants another party, the lessee, the right to possess and use an asset for a specified period in exchange for periodic payments. This agreement creates a landlord-tenant relationship for real property or a bailor-bailee relationship for personal property. Leases typically outline terms such as rent amount, duration, and responsibilities for maintenance.",
  "url": "https://mlchart.com/terminology/law/lease/"
}