Different Types of Leases
As we have already seen, one of the essential characteristics of a lease is that it is for a fixed and definite duration (Lace v. Chantler (1944)), confirmed by the House of Lords in Prudential Assurance Company v. London Residuary Body (1992). Also, although its technical legal name is a term of years, it may in fact be for any period of less than a year, or even for one day.
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