What kind of contract involves one party conveying property to another for a specific period in exchange for payments?

A lease is a legal agreement where one party (the lessor) permits another party (the lessee) to use and occupy a property for a specified duration in exchange for regular payments, typically referred to as rent. This arrangement allows the lessee to enjoy the benefits of the property without actually owning it, while the lessor retains title and ownership.

In this context, the lease is structured around a mutually agreed-upon timeframe, which is a defining characteristic of this type of contract. The financial aspect, involving payments, ensures that the lessor receives compensation for allowing the lessee the right to use the property during that period.

Other contracts listed, such as a sale contract, involve a transfer of ownership rather than temporary use, while an option contract provides a potential buyer the right to purchase a property at a later date but does not itself allow for property use. A joint venture agreement typically involves two or more parties collaborating on a business project rather than the transfer of property rights for a specific duration.