Leases, RENTS, lets, and hires are all terms related to the renting or leasing of property. Leases refer to a contract between two parties, usually a landlord and tenant, in which the tenant is given the right to use the property for a specified period of time in exchange for payment. RENTS are payments made by a tenant to a landlord for the use of the property. Lets refer to an agreement between two parties in which one party allows the other to use their property for a certain period of time. Hires refer to the process of hiring someone to perform a service or job. Term papers refer to documents that are written by students as part of their coursework.