Question

17. operating leases often have terms that include a. full amortization over the life of the lease. b. very high penalties if the lease is canceled. c. restrictions on how much the leased property can be used. d. much longer lease periods than for most financial leases. e. maintenance of the equipment by the lessor.

Answer 1

E) Lessor is responsible for equipment maintenance In an operating lease, the lessor is in charge of property maintenance for assets leased for less than their useful life.

Describe the lease in detail.

A lease is a legally binding agreement that specifies the conditions under which one party agrees to rent another party's property. It ensures the occupant or resident utilization of the property and ensures the land owner or property manager standard installments for a predefined period in return.

Rent understanding is a legitimate restricting of two people for example lessor and tenant where lessor move right to utilize property to renter against the thought settled upon. Throughout the lease period, lessee is required to make regular payments.

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