Question
Lease.
Answer :
Word Count : 290
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A lease is a legal transfer of the right to enjoy and use immovable property for a specified period or in perpetuity in exchange for consideration, usually called rent, premium, or both. In India, leases are primarily governed by the Transfer of Property Act, 1882. The person who transfers the property is known as the lessor, while the person to whom the property is transferred is called the lessee. A lease creates an interest in the property, unlike a licence, which merely grants permission to use the property without creating any proprietary interest. The essential elements of a valid lease include competent parties, immovable property, transfer of the right to enjoy the property,
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