Anirudh transfers the possession of his pent house to Chirag, but not the ownership, to be used by Chirag for residential purpose for a fixed period of time as agreed upon by both of them. Such a transfer is called a __________.
(1) Sale
(2) Lease
(3) Gift
(4) Exchange
Answer & explanation
Correct answer: option 2
Lease is a transfer of right to enjoy a property for a specific period of time in consideration for a price. Lessor is the person who lets out the property for lease or transferor, and lessee is the person to whom the property is leased or the transferee in a lease. The lessee can also sub-let the lease and the relation between the lessee and the sub-lessee will be that of lessor and lessee.