Lease
Categories: Accounting, Tax, Real Estate
A legal agreement that lets one party use a property belonging to another person or company. The lease contract sets out the rules of the agreement that each person has to obey.
Example
You set up a mustache-trimming business in a hipster part of town. You lease a store front for your business for $1,000 a month and you sign a lease agreement that promises you will pay that amount and keep the place in good repair.