When attempting to rent/lease land, residency, or merchandise, the lease refers to an agreement that is made between the owner and lessor that governs the entire process. The lease exists as a legally enforceable contract, the lease agreement, which specifically defines the terms & policies of the lease as they apply to the owner and the renter. Generally speaking, the features of a lease that are most stressed are the length of lease, the payment terms involved, and details regarding treatment and return of the property. The duration of a lease can vary widely in time, ranging from as little as 3 weeks to sometimes even exceeding 10 years. The purpose of the lease is to create a binding agreement that, in a legal sense, protects both the owner and lessor. By providing both parties with a clear understanding of the terms, the lease places the owner and lessor into a safe leasing transaction, with the added ability to take legal action if lease is violated.