Definitions LEASE-A contract which grants a lessee the right to use an asset in return for periodic payments to the lessor LESSOR- The owner of the asset LESSEE- The party leasing the asset from its ownerDefinitions ◼ LEASE - A contract which grants a lessee the right to use an asset in return for periodic payments to the lessor. ◼ LESSOR - The owner of the asset. ◼ LESSEE - The party leasing the asset from its owner