What is difference b/w static IP address and dynamic IP address?

IP addresses assigned by a DHCP server are static dynamic IP addresses while the one released by IEEE (through the ISP) are dynamic IP addresses. OR

Static address is given by administrator manually.

Dynamic address is given by DHCP server. OR

We can define the range in DHCP and the DHCP will the IP of all host system automatically But in static IP the Ip will be provide by administrator manually. OR

Static Ip is assigned manually. Dynamic IP assigned by DHCP Server using its IP range. Static can be modified as needed Dynamic IP will be there till its Lease Duration. Static IP may be permanent. Dynamic IP will be changing after Lease Duration.