Ida moves to New York from Poland and wants to live in an apartment.However, she does not have sufficient money to buy one.Her colleague Henry allows Ida to live in his old apartment for a year, if she pays him $25, 000.This contract would be considered a(n)________.
A)lease
B)mortgage
C)installment
D)easement

Question

Quizplus · Accepted Answer

A lease is an agreement between the owner of a property (lessor) and the person who wants to use it (lessee), where the lessor provides the lessee the right to occupy and use the property for a specified period of time and in exchange for a set of payments. In this case, Henry is the lessor and Ida is the lessee, and they have agreed to a rental contract for a year for $25,000. Therefore, this contract is a lease, not a mortgage (which is a loan to purchase a property), an installment (which is a periodic payment for a debt), or an easement (which is a right of use over someone else's property).

Ida Moves to New York from Poland and Wants to Live