Lease is a mutual contract where 1 party borrows Property, Products, Services, etc.for a specific period of time from the other party who is the owner. In other words, Property, Products, Services , etc are been given on rent on a contract basis for specific period of time along with charging Interest amount from the buyer for which he would be using the Products or Services.
The terms involved in Lease contract are leasehold, rental agreement, contractual documents. An example to share with all for lease homework answers to make the concept clear.
If A has borrowed some mechanical equipment from B for some commercial purpose, for the period of 6 months and A has paid some amount to B for the usage of equipment. This process is known as Lease.
The party who owns the property is known as lessor, and the party who borrows is known as lessee.
Well! This is just not the end. For few learners, including me, this concept seems to be little less interesting and sleepy. I am sure most of you are juggling with the same thoughts. However, it is not so complicated to understand. A little bit of determination is required, and we will know what you are supposed to. Let us learn some lease homework answers.
What can be leased?
As per the law no- 6361, movable properties like Textile , Construction or any other kind of Machinery, Equipment, Transportation Vehicles, Medical Devices, Electronics, Optical Equipment, Office Equipment, Specialized Repairing products and immovable properties like Land, Property, Air, Heavy Duty, Brand name.etc can be given and taken for Lease.
Do not consider Leave and License Agreement and Lease Agreement, one and the same thing.Â As per the section 52 of the Indian Easements Act 1882, License document just allows the licensee to use the products if any or occupy the premises for a specific period of time. However, as per section 105, the transfer of Property Act, 1882, the lessor and lessee sign a mutual agreement of the usage of the products and payment, with the terms and condition for clearing off the Interest payment too.
Steps involved in lease agreement are:
Folks, especially for lease home answers, please note that property can be rented out in market if in case it is vacant for 12 months. Also note that the Landlord can ask for three months rent as deposit, not more than that.
So, isnâ€™t it interesting to know about these simple yet important facts? But I feel, this is just not enough to know about concept. We need to know more to score more.
Little factual information to know more about the lease agreement:
What cannot be leased?
Any Computer Software, Copyrights, patent or any other intellectual property, cannot be leased.
But hey!! The most important part is still left. We have covered the facts, but an extra awareness is essential before we make a lease and sign. So whatâ€™s that now?
Letâ€™s go through to know lease homework answers to be on a safer side.
Thatâ€™s it, dear folks.Wasnâ€™t this easy to know? We are sure that the concept is bit brighter now for all lease homework answers.