CIMA F1 Syllabus B. Financial Statements - Leases - definition - Notes ^{1 / 4}

A contract that gives the right to use an asset for a period of time in exchange for consideration.

A contract gives you exclusive use of a specific car
You can decide when to use it and for what
The car supplier cannot substitute / change the car

So does the contract contain a lease?

Solution:
Yes this contract contains a lease because it's...
A contract that gives the right to use an asset for a period of time in exchange for consideration.

If a supplier can substitute the asset in a contract and gain from doing so - it is not a lease.

If the asset is substituted for a loss - then it is a lease.