|1.||a contract by which property is conveyed to a person for a specified period, usually for rent|
|2.||the instrument by which such property is conveyed|
|3.||the period of time for which it is conveyed|
|4.||a prospect of renewed health, happiness, etc: a new lease of life|
|5.||to grant possession of (land, buildings, etc) by lease|
|6.||to take a lease of (property); hold under a lease|
|[C15: via Anglo-French from Old French lais (n), from laissier to let go, from Latin laxāre to loosen]|
A contract that grants possession of property for a specified period of time in return for some kind of compensation.
see new lease on life.
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.