The short-term (or cancellable) operating lease is one in which lessor still bears the risks and benefits of ownership.
The conditions under which another two agree to rent a property this example, property—owned by yet another party are outlined in a lease. It ensures that the tenant, also referred as the lessee, will have access to the property and, in return, will make monthly payments to the lessor (the landlord or owner of the property).
In a lease, the owner (also known as the lessor) receives payment from the user (also known as the lessee) in exchange for the possession of an asset. Common assets that have been leased include real estate, construction projects, and cars.
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