A lease contract, which is often times just referred to as a lease agreement, is the physical contract that is made between the lessor and renter in a lease. In terms of the lease and the lease contract, the lessor and renter become the lessor and lessee. Generally speaking, the least contract exists as a written document. However, the lease contract for some types of property could be oral. According to the standards that govern a lease agreement, the lease contract should specify terms such as use of property and duration of lease within the document. By definition, a lease contract is also only for purposes of temporary possession of property, rather than to gain ownership. Upon making an agreement to the terms, the contract is signed, thereby making the agreement legally binding between the two parties.