Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Join our platform to connect with experts ready to provide precise answers to your questions in various areas. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Prior to signing a lease, a formal lease agreement should be initiated which defines all the terms and conditions of the lease so that the other party, that is, who is using the leased asset, cannot have any reason to deny the lease.
What is a lease?
A lease is a contract between two parties to use the owner's asset for an agreed time. The owner of an asset is known as the lessor and the person who uses the leased asset is known as the lessee.
A lease agreement should be in written format stating all the terms and conditions of using the leased asset. Before signing it, the lessee should read the contract, so that any false claim put by the lessor in the contract can be identified and then accept it by putting his/her signature. If there is no agreement, then the lessee might get denied the consideration and can also exercise a lien on the leased asset.
Therefore, a formal lease contract should be thoroughly read before signing by the other party.
Learn more about the lease here:
https://brainly.com/question/24168818
#SPJ1
We hope this was helpful. Please come back whenever you need more information or answers to your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.
