A purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully. In other words, its’ an exchange of money for a particular good or service. Purchases can be made in cash or credit. The purpose of this financial transaction is to transfer the ownership of a piece of property physical, intellectual, virtual or else. By purchasing the property, the owner has the right to use it or dispose of it according to his will and purpose. A purchase is a financial operation where goods and services are exchanged for consideration.
A lease contract is a written agreement between two parties that identifies the terms of the lease as well as the leased property. The leased property’s owner is called the lessor and the company renting the property is considered the lessee. A business lease for a building or equipment is not much different than a personal lease for an apartment. Many companies can’t afford to buy buildings or large pieces of equipment, so they rent them. When a company signs a rental contract for a period of time, the contract is considered a lease.
The most common items found in a lease contract are:
