Introduction to Leases

A set of flashcards covering the definition, legal classifications, and statutory requirements for leases and tenancies based on duration and form of creation.

What is the definition of a lease?

A transaction where a party known as the landlord or lessor decides to give out his property for a term of years with a reversionary interest.

In terms of duration, what distinguishes a lease from a tenancy?

A lease is for a term of years above three years, while a tenancy is for a term of three years and below.

What are the requirements for a written lease to be valid for a term not exceeding three years?

It may be periodic or for a fixed period; a simple tenancy agreement suffices for this type of lease.

Which statute and case are associated with a written lease?

Section 4 of the Statute of Frauds Act 1677 and the case AP Limited versus Owo Durni.

What three elements are required for a parole or oral lease?

1. The term must not exceed three years. 2. It must reserve the best rent obtainable. 3. It must confer exclusive possession.

What legal authorities govern parole or oral leases?

Section 3 of the Statute of Frauds Act 1677, Section 79 sub 2 of the Property and Conveyancing Law (PCL) Act, and the case Foster versus Reeves.

What is the requirement for creating a lease for a term above three years?

It must be created by deed; otherwise, it is void for conveying or creating interest in land according to Section 77 of the Property and Conveyancing Law.

What is the significance of the rule in Walsh versus Lonsdale?

An agreement to create a lease with all the necessary essentials will still operate as a lease.