Multiple choice

Transfer of right to enjoyment of property for certain time is in consideration of price paid or promised to pay is called

  1. mortgage

  2. lease

  3. sale

  4. None of these

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

It is a lease agreement. A lease is the transfer of right to enjoy such property for a certain time. Thus, (2) is the correct option. A sale is the transfer of right for uncertain or indefinite period of time until such rights are further sold. A mortgage is the security for a loan agreement.