Victoria, the lessee is negotiating to lease a condo from Sanchez, the lessor. They have agreed on the monthly lease payment, term of lease, security deposit, and so forth. Victoria plans to start moving in on the first day of next month.

Which of the following applies to this situation?

a. Offer

b. Contract

c. Title

d. Executed

The correct answer is B Contract

Explanation:

A lease is a contract outlining the terms under which one party agrees to rent property owned by another party. This contract guarantees the lessee / tenant use of an asset and guarantees the lessor, the property owner or landlord, regular payments (rent) for a specified period in exchange.