Terms Used In Michigan Laws > Chapter 445 > Act 169 of 1990 - Lease Contracts for Motor Vehicles

• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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 contract: means a contract for the lease of a motor vehicle by a natural person for a term exceeding 30 days. See Michigan Laws 445.991
• Lessee: means a natural person who leases a motor vehicle under a lease contract. See Michigan Laws 445.991
• Lessor: means a natural person, partnership, corporation, association, or other legal entity that is engaged in the business of leasing, offering to lease, or arranging the lease of a motor vehicle under a lease contract. See Michigan Laws 445.991
• Motor vehicle: means a vehicle, including passenger vans and minivans, that is self-propelled, that is capable of being operated on a highway or street in this state, and that is primarily intended for the transport of persons. See Michigan Laws 445.991
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o