A Non-Cancellable Lease Is a Lease That Is Cancellable Only

question 13

Multiple Choice

A non-cancellable lease is a lease that is cancellable only:

• A) upon the occurrence of some probable contingency.
• B) with the permission of the lessee.
• C) if the lessee enters into a new lease for the same or equivalent asset with the same lessor.
• D) upon payment by the lessor of such an additional amount that, at inception of the lease, continuation of the lease is certain.

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Definitions:

Quick Access Toolbar

A modifiable toolbar within Microsoft Office programs that offers quick access to commonly utilized commands.

Undo

A command in computer applications that reverses the most recent action taken by the user.

Cancel

A command or option used to terminate an operation or exit a command without making any changes.

Shortcut Menu

A context-sensitive menu that appears upon right-clicking, providing quick access to frequently used commands or options.