lease definition | Dictionary.com

lease

1 [lees]

noun, verb, leased, leas⋅ing.

–noun

1.	a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation.

2.	the property leased.

3.	the period of time for which a lease is made: a five-year lease.

–verb (used with object)

4.	to grant the temporary possession or use of (lands, tenements, etc.) to another, usually for compensation at a fixed rate; let: She plans to lease her apartment to a friend.

5.	to take or hold by lease: He leased the farm from the sheriff.

–verb (used without object)

6.	to grant a lease; let or rent: to lease at a lower rental.

—Idiom

7.	a new lease on life, a chance to improve one's situation or to live longer or more happily: Plastic surgery gave him a new lease on life.

Origin:
1350–1400; ME les < AF (equiv. to OF lais, F legs legacy), n. deriv. of lesser to lease, lit., let go (equiv. to OF laissier) < L laxāre to release, let go. See lax

Related forms:

leas⋅a⋅ble, adjective

leaseless, adjective

leaser, noun

Synonyms:
5. rent, charter, hire.

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lease

2 [lees]

–noun Textiles.

1.	a system for keeping the warp in position and under control by alternately crossing the warp yarn over and under the lease rods.

2.	the order of drawing in the warp ends.

Origin:
1350–1400; ME lese length or coil of thread, var. of lesh leash

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Link To lease

lease (lēs)

1. A contract granting use or occupation of property during a specified period in exchange for a specified rent.
2. The term or duration of such a contract.
Property used or occupied under the terms of such a contract.

v. tr. leased, leas·ing, leas·es

To grant use or occupation of under the terms of a contract.
To get or hold by such a contract.

[Middle English les, from Anglo-Norman, from lesser, to lease, variant of Old French laissier, to let go, from Latin laxāre, to loosen, from laxus, loose; see slēg- in Indo-European roots.]
leas'a·ble adj., leas'er n.

The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Lease

Lease\, v. i. [AS. lesan to gather; akin to D. lezen to gather, read, G. lesen, Goth. lisan to gather; cf. Lith lesti to peck.] To gather what harvesters have left behind; to glean. [Obs.] --Dryden.

Lease

Lease\, v. t. [imp. & p. p. Leased; p. pr. & vb. n. Leasing.] [F. laisser, OF. laissier, lessier, to leave, transmit, L. laxare to loose, slacken, from laxus loose, wide. See Lax, and cf. Lesser.]

1. To grant to another by lease the possession of, as of lands, tenements, and hereditaments; to let; to demise; as, a landowner leases a farm to a tenant; -- sometimes with out.

There were some [houses] that were leased out for three lives. --Addison.

2. To hold under a lease; to take lease of; as, a tenant leases his land from the owner.

Lease

Lease\, n. [Cf. OF. lais. See Lease, v. t.]

1. A demise or letting of lands, tenements, or hereditaments to another for life, for a term of years, or at will, or for any less interest than that which the lessor has in the property, usually for a specified rent or compensation.

2. The contract for such letting.

3. Any tenure by grant or permission; the time for which such a tenure holds good; allotted time.

Our high-placed Macbeth Shall live the lease of nature. --Shak.

Lease and release a mode of conveyance of freehold estates, formerly common in England and in New York. its place is now supplied by a simple deed of grant. --Burrill. --Warren's Blackstone.

Webster's Revised Unabridged Dictionary, © 1996, 1998 MICRA, Inc.
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Language Translation for : lease

Spanish: contrato de arrendamiento,

German: der Mietvertrag,

Japanese: 貸借契約

More Translations »

lease

A contract that grants possession of property for a specified period of time in return for some kind of compensation.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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lease (n.)

1483, from Anglo-Fr. les (1292), from lesser "to let, let go," from O.Fr. laissier "to let, leave," from L. laxare "loosen, open, make wide," from laxus "loose" (see lax). The verb is attested from 1570. Lessor, lessee in contract language preserves the Anglo-Fr. form.

Online Etymology Dictionary, © 2001 Douglas Harper
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Lease

An agreement in which one party gains a long-term rental agreement, and the other party receives a form of secured long-term debt.

Investopedia Commentary

The lessee gains a long term contract for the use of an asset, and the lessor is assured of regular payments for a specified number of years.

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lease

An agreement that permits one party (the lessee) to use property owned by another party (the lessor). The lease, which may be written either for a short term or for a long term, often results in tax benefits to both parties. See also capital lease, gross lease, leveraged lease, net lease, operating lease.

Main Entry: lease
Pronunciation: 'lEs
Function: noun
Etymology: Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack
1 a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner; also : the act of such conveyance or the term for which it is made —see also SUBLEASE —compare EASEMENT, LICENSE security interest at INTEREST 1, TENANCY
NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.”

build·ing lease
: GROUND LEASE in this entry

consumer lease
: a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use

finance lease
: a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee
NOTE: Under section 2A-103 of the Uniform Commercial Code, before the lessor signs the lease or the lease becomes effective, the lessee must receive or approve of a copy of the contract by which the goods were acquired or must receive a statement of terms (as warranties, disclaimers, and liquidated damages) relating to the contract or notification of where such information can be obtained.

ground lease
: a lease of land usually for a long term in consideration of the payment of rent and with the agreement that the lessee build or improve a structure on the land called also building lease

mineral lease
: a lease granting the right to work a mine and extract the minerals or other valuable deposits from it under prescribed conditions (as of time, price, or royalties) called also mining lease

net lease
: a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rent

operating lease
: a lease of property and esp. equipment for a term which is shorter than the property's useful life and in which the lessor is responsible for certain expenses (as taxes)

per·pet·u·al lease
/p&r-'pe-chu-w&l-/
: a lease renewable forever at the lessee's option

proprietary lease
: a lease used to convey to a member of a cooperative the exclusive possession of a residential unit

true lease
: a lease that resembles a security agreement but retains the attributes of a lease b : property and esp. real property that is leased
2 in the civil law of Louisiana : a contract by which a person provides labor or services for a price

Main Entry: lease
Function: verb
Inflected Forms: leased; leas·ing
transitive verb 1 : to grant by lease to another <leases mopeds to tourists>
2 : to hold under a lease leasing a fleet of cars for its executives> intransitive verb 1 : to be under a lease or subject to a lease leases for $500 a week>
2 : to grant property by a lease leased to students in the past>

lease

see new lease on life.

lease

a contract for the exclusive possession of property (usually but not necessarily land or buildings) for a determinate period or at will. The person making the grant is called the lessor, and the person receiving the grant is called the lessee. Two important requirements for a lease are that the lessee have exclusive possession (nonexclusive possession would call for a license) and that the lessor's term of interest in the property be longer than the term of the lease (a grant involving an equal term or period would comprise a conveyance or assignment, not a lease).

Learn more about lease with a free trial on Britannica.com.

Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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