Final answer:
A lease is the contract that grants the right to use and possess a property for a specified period without transferring ownership, which is based on the lessee's contractual rights.
Step-by-step explanation:
The type of contract that conveys the right to use and possess a property for a definite period of time without transferring its ownership is known as a lease. This property contract does not result in a transfer of the title; rather, it grants the lessee (the person who obtains the lease) the right to use the property owned by the lessor (the property owner), according to agreed-upon terms. Meanwhile, a quitclaim deed, general warranty deed, and bill of nothing are all related to the transfer or lack of transfer of property ownership or claims in different ways but do not pertain to the rights of use and possession without ownership inherent to a lease.
It is important to understand that contractual rights are often based on property rights. They enable individuals or firms that own the property to enter into contracts that provide recourse through the legal system in cases of noncompliance. For instance, in the context of an employment agreement, a worker or service provider can expect payment for their services, and in the event of non-payment, they possess the legal right to seek compensation through court systems, thanks to the protective auspices of contractual rights.