A ________ is a transfer of the right to the possession and use of named goods for a set term in return for certain consideration.
A) trade
B) gift
C) lease
D) sale

Question

Quizplus · Accepted Answer

A lease is a contract between a lessor (owner of the goods) and a lessee (person who is granted use of the goods) whereby the lessee obtains the right to use the goods for a set term and in return, pays consideration (usually rent) to the lessor. The lessor retains ownership of the goods but transfers the right to possession and use to the lessee for a fixed period. A trade involves the exchange of goods or services, a gift is a transfer of ownership without any consideration, and a sale involves the transfer of ownership of goods in return for payment.

A ________ Is a Transfer of the Right to the Possession