In a Lease Agreement

question 184

Multiple Choice

In a lease agreement:

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

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Definitions:

Partner Responsibility

The liability and obligations that partners in a partnership have towards each other, the partnership, and third parties.

Third Party

An individual or entity that is involved in a transaction but is not one of the principal parties directly involved in the deal or agreement.

Law Of Partnership

Legal principles governing the operation, formation, and dissolution of partnership businesses.

Torts

Torts refer to civil wrongs recognized by law as grounds for a lawsuit, resulting in injury or harm to someone, for which the injured party may receive compensation or relief.