A lease is a contractual arrangement by which the lessor provides the lessee the right to use an asset for a specified period of time.

Name: A lease is a contractual arrangement by which the lessor provides the lessee the right to use an asset for a specified period of time.
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This statement accurately describes what a lease agreement is. A lessor (owner of the asset) grants the lessee (user of the asset) the right to use it for a set amount of time in exchange for regular payments.

A Lease Is a Contractual Arrangement by Which the Lessor