Leasing is a process and activity that takes places between a lesser (owner) and lessee (user). This leasing service takes place on a contract basis and thus enforceable by all parties under the Contract Laws of the applicable jurisdiction. General elements mentioned in a lease agreement are names of the parties mentioned in the agreement, initial date and duration of the agreement, providing for conditions of renewal or non-renewal, provision for lump sum and periodic payments and the lease ends automatically, without notice, when the lease period expires. A lease can be for a very short-term which can be for few weeks or months, or it can be extended for a number of years. A lease agreement protects both the lesser and the lessee.