Terms Used In Florida Statutes > Chapter 680 > Part II - Formation and Construction of Lease Contract

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Florida Statutes 680.1031
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fault: means wrongful act, omission, breach, or default. See Florida Statutes 680.1031
• Finance lease: means a lease with respect to which:
  1. See Florida Statutes 680.1031
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (s. See Florida Statutes 680.1031
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Inter vivos: Transfer of property from one living person to another living person.
• Intestate: Dying without leaving a will.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Florida Statutes 680.1031
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See Florida Statutes 680.1031
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Florida Statutes 680.1031
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Florida Statutes 680.1031
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Florida Statutes 680.1031
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Florida Statutes 680.1031
• minor: includes any person who has not attained the age of 18 years. See Florida Statutes 1.01
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• Statute: A law passed by a legislature.
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Florida Statutes 680.1031
• Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Florida Statutes 680.1031
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01