Terms Used In CFR > Title 48 > Chapter 1 > Subchapter B > Part 8 > Subpart 8.11 - Leasing of Motor Vehicles

• Contract: A legal written agreement that becomes binding when signed.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}