Examlex
Match the terms and descriptions with the correct labelled part in the fllowing illustration. A labelled part may be used once, more than once, or not at all.
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Lease Agreement
A contract between two parties where one, the lessor, provides an asset for use to the other, the lessee, for a specific period in exchange for periodic payments.
Financial Leases
Long-term leases that transfer substantially all the risks and rewards of ownership of the asset to the lessee, similar to finance purchases.
Financial Lease
A type of lease in which the lessee has use of the asset for most of its useful life and the lease payments cover the full cost of the asset, effectively transferring the risks and rewards of ownership.
Financial Lease
A type of lease in which the lessee has use of the asset for most of its useful life, and the lease payments are designed to cover the lessor's purchase costs and provide a profit.
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