Terms Used In Kentucky Statutes 355.2A-502

• 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}
• 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 Kentucky Statutes 355.2A-103
• 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 article. See Kentucky Statutes 355.2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103