Asked by
Julia Szmigielski
on Nov 30, 2024
Verified
In a lease, the lessee obtains the right to possess and use the goods for a period of time in return for consideration, but title does not pass.
Lease
A contractual agreement in which a property owner allows a tenant the use of the property for a specified period of time in exchange for payment.
Lessee
A person or entity who leases or rents property from a lessor, obtaining the rights to use and occupy the property according to the terms of the lease agreement.
Title Does Not Pass
A legal principle indicating that the ownership of a property or asset has not been transferred from the seller to the buyer, often due to certain conditions not being met.
- Understand the entitlements of purchasers and vendors during the conveyance of ownership.
Verified Answer
SM
Learning Objectives
- Understand the entitlements of purchasers and vendors during the conveyance of ownership.