The practice of granting use or occupation of property, equipment, or other assets in exchange for payment without transferring ownership. A contractual arrangement where the lessee pays the lessor for temporary use of an asset.
From Middle English 'lesen' meaning 'to release or let go,' derived from Old French 'laissier' and ultimately from Latin 'laxare' meaning 'to loosen.' The modern commercial sense developed in the 16th century as trade and property law evolved.
Leasing revolutionized business by allowing companies to access expensive equipment without massive capital investments - it's essentially 'renting' elevated to an art form. The concept has ancient roots in agricultural land tenure systems but exploded in the 20th century with car leasing and technology equipment leasing.
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