AASB 117 defines a non-cancellable lease to mean a lease that is cancellable in limited circumstances only if:
a. the lessor cancels with the permission of the lessee.
*b. some remote contingency occurs.
c. the lessor incurs a penalty large enough to discourage cancellation.
d. the lessee can cancel the lease at any time without any significant impediment or economic disincentive.
Correct answer: b