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Step 1:Definition of Lease
A lease is a contractual agreement where one party (the lessor) grants another party (the lessee) the right to use an asset for a specified period in exchange for periodic payments.
Step 2:Key Elements
The main elements of a lease include the asset, the lessor, the lessee, the lease term, and the payment terms.
Final Answer
A lease is a legal contract that allows the lessee to use an asset owned by the lessor for a defined period in return for regular payments.
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