A lease that cannot be cancelled in ordinary situations by either party. However, it may be cancelled or become cancellable only in specific cases such as (1) with the permission of the lessor, (2) if the two parties (lessee and lessor) enter into a new contract of lease for the same asset or an equivalent asset, (3) occurrence of a remote contingency, and (4) payment of an additional amount by the lessee that makes continuation of the lease reasonably certain at inception.
Accounting
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