An agreement in which a consumer rents a property for a period of time with an option to buy it before the lease expires. A ___________________ is a legally binding agreement between two or more parties. A ___________________ is issued by a depository institution that deducts money directly from a consumer’s checking account for payment of goods and services.

1. A lease option is an agreement in which a consumer rents a property for a period of time with an option to buy it before the lease expires. This allows the renter to move into the property while having the choice to purchase it later.

2. A contract is a legally binding agreement between two or more parties. This means that all parties involved are legally obligated to adhere to the terms of the agreement.

3. A debit card is issued by a depository institution that deducts money directly from a consumer’s checking account for payment of goods and services. It allows consumers to spend money they have in their account without using cash or checks.

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