let(redirected from let it pass)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.
Related to let it pass: come in handy, so much for, take account of, let's say
An agreement between two parties whereby one party allows the other to use his/her property for a certain period of time in exchange for a periodic fee. The property covered in a lease is usually real estate or equipment such as an automobile or machinery. There are two main kinds of leases. A capital lease is long-term and ownership of the asset transfers to the lessee at the end of the lease. An operating lease, on the other hand, is short-term and the lessor retains all rights of ownership at all times.
To rent out.