In a Lease Contract

question 235

Multiple Choice

In a lease contract,

• A) the owner of the property is called the lessee.
• B) the presence of a bargain purchase option indicates that it is a capital lease under ASPE.
• C) the renter of the property is called the lessor.
• D) there is always a transfer of ownership at the end of the lease term.

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Definitions:

Conditional Guarantor

A guarantor who promises to fulfill the obligations if certain conditions are met.

Legal Procedures

The official processes and methods used within the judicial system to ensure the legal rights of individuals are upheld.

Principal Debtor

The primary individual or entity responsible for repaying a debt or obligation in a lending agreement.

Certificate of Title

A legal document that provides proof of ownership of a piece of property, such as land or a vehicle.