1. TASK: Insert the appropriate word in the text below:
abide - arrangement - in return for - lessee - lessor - obtains - owner
parties - personal - precise - provisions - tangible - vehicles
Lease
A lease is a contractual ________________ calling for the _______ (user) to pay the __________ (owner) for use of an asset. Property, buildings and ____________ are common assets that are leased. Industrial or business equipment is also leased.
Broadly put, a lease agreement is a contract between two _________, the lessor and the lessee. The lessor is the legal ______ of the asset; the lessee _______________ the right to use the asset ______________ regular rental payments. The lessee also agrees to ________ by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree that the car will only be used for ______________ use.
The narrower term rental agreement can be used to describe a lease in which the asset is ______________ property. Language used is that the user rents the land or goods let out or rented out by the owner. The verb to lease is less ________ because it can refer to either of these actions. Examples of a lease for intangible property are use of a computer program (similar to a license, but with different __________), or use of a radio frequency (such as a contract with a cell-phone provider).
2. CHECK YOUR SPEAKING
|
abide |
дотримуватися |
|
|
arrangement |
[ əˈreɪndʒmənt ] |
організація |
|
in return for |
[ ɪn rɪˈtɜːn fə(r) ] |
в обмін на |
|
lessee |
[ lesˈiː ] |
орендар, лізингоотримувач |
|
lessor |
[ lesˈɔːr ] |
орендар |
|
obtains |
[ əbˈteɪn ] |
отримувати |
|
owner |
[ ˈəʊnə(r) ] |
власник |
|
parties |
[ ˈpɑː.ti ] |
сторони (угоди) |
|
personal |
[ ˈpɜːsənl ] |
особистий |
|
precise |
[ prɪˈsaɪs ] |
точний |
|
provisions |
[ prəˈvɪʒ.ən ] |
положення |
|
tangible |
[ ˈtæn.dʒə.bl̩ ] |
матеріальний |
|
vehicles |
[ ˈviː.ɪ.kl̩ ] |
транспортні засоби |
3. SEE CORRECT ANSWER
Lease
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment is also leased.
Broadly put, a lease agreement is a contract between two parties, the lessor and the lessee. The lessor is the legal owner of the asset; the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree that the car will only be used for personal use.
The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents the land or goods let out or rented out by the owner. The verb to lease is less precise because it can refer to either of these actions. Examples of a lease for intangible property are use of a computer program (similar to a license, but with different provisions), or use of a radio frequency (such as a contract with a cell-phone provider).
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