A lease can BEST be described as follows:

a. A contract to rent, then purchase the asset at the conclusion of the lease term.

b. An informal contract between the seller and the buyer of the property.

c. A contractual agreement between a lessor and a lessee giving the lessee the right to use specific property, owned by the lessor, for a specific period of time.

d. A non-binding contract to perform certain leasehold improvements over the term of the lease.