by 
The Curious Bag
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A lease agreement, also commonly referred to as a rental agreement, is a written contract that allows one person to use and possess another person's property. Lease agreements are common for real estate and personal property, like cars.
Generally
A lease agreement is a contract between a lessor, who is the person that owns the property, and a lessee, who is the person who is given the right to use and possess the property.
Time Frame
Lease agreements last for a specific period of time, called the lease term, as described within the agreement itself. The lease agreement will list a lease term, as negotiated by the lessor and lessee before signing the agreement.
Land Lease
Many people and businesses rent real estate for homes or offices. These leases give the lessor, or renter, the exclusive right to occupy the leased property for the lease term.
Automobile Lease
Automobile leases have been more common lately. An automobile lease typically lasts for three to six years. The lessee typically has the right to use the car for a certain amount of miles each year for the duration of the lease term.
Features
The terms and conditions of lease agreements are purely matters of contract and negotiation. People are generally free to negotiate whatever terms they want, including lease term, lease conditions, restrictions on use, price and more.
Source:
Nolo's Encyclopedia of Everyday Law; Shae Irving, JD and Nolo Editors, 2008
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