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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
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