A financial leasing contract is a formal contract, and a formal contract is a contract that must be signed in writing. Due to the complex legal relationship of financial leasing contracts, long lease term and high amount of subject matter, the laws of various countries require that financial leasing contracts must have a certain form.
[Legal Basis]
In Article 735 of the Civil Code, a financial leasing contract is a contract whereby the lessor purchases the leased property from the seller, provides it to the lessee for use, and the lessee pays the rent according to the lessee's choice of the seller and the leased property. (The effective date of the Civil Code is January 1, 2021)
