In a lease contract, the party who legally owns the asset is the
A) lessee
B) lessor
C) operator
D) banker

Question

Quizplus · Accepted Answer

In a lease contract, the lessor is the party who legally owns the asset and allows the lessee to use it for a specified period of time in exchange for payment. The lessee is the party who uses the asset and pays for its use. The operator may be the lessee or a third party hired by the lessee to operate the asset, but does not have ownership rights. The banker is not typically involved in a lease contract unless financing is required.

In a Lease Contract, the Party Who Legally Owns the Asset