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Lease

DefinitionA lease is a contractual arrangement calling for the to pay the lessor for use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or busine

Lapse

Lapse What is a 'Lapse' A lapse is the cessation of a privilege, right or policy due to time or inaction, so a lapse of a privilege due to inaction occurs when the party that is to receive