ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.
Detailed explanation-2: -The lessor is the legal owner of the asset or property, and he gives the lessee the right to use or occupy the asset or property for a specific period.
Detailed explanation-3: -Rights of the Lessee: The Lessee has right to repair the property when Lessor fails to do so and to deduct the cost of repairs from the rent. 3. The Lessee has right to make such payments which are obligatory on the Lessor and to deduct that amount from the rent.