| 单词 | lease |
| 释义 | lease lease a grant of the use of land (or other subject matter) for a specified term. In relation to land, the grant confers a right of exclusive pos- session for a 'term or years', usually in return for the payment of a periodic sum (rent) or a capital sum (a premium) or both. A lessee may 'sublet' to a sub-lessee, who will then acquire the right of exclu- sive possession as against the lessee, who will become entitled to receive the rent stipulated for in the sublease. Leases may be legal or equitable, the latter taking effect under the rule in Walsh v. Lonsdale (1882). A legal lease is sometimes referred to as a demise. A legal lease for periods in excess of three years requires to be made by deed.The term 'lease' is also used in connection with contracts for the hir- ing of equipment or other chattels for a specified period. In relation to equipment and plant, there are two distinct types of leasing, namely finance leasing and operating leasing. A finance lease is a lease for the bulk of the asset's economic life and from which the lessor expects to obtain his normal profit on the asset without being involved in further activity in respect of it; such leases are generally non-cancellable or cancellable only on payment of a major penalty. Operating leases are effectively all other leases; they are cancellable by the lessee at short notice and without major penalty; they are arrangements under which the lessor expects to release or sell the asset, obtaining significant portions of his total profit on the asset from each successive transaction. See HIRE. |
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