ADMS 2610 Lecture Notes - Lecture 11: Sept

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Arises when an owner grants possession of the land to someone for a fixed period. Lease remains constant if both parties retain their interests in the land. Needs to be renewed if one assigns their interest (unless stated) Reversion: return of interest to the landlord at the end of the lease. Before; tenant acquires exclusive possession (may not allow landlord to access land) ~ anything attached to the land, is entitled to the tenants ownership. Any benefits produced by the building would belong to the tenant (unless stated) Commercial leases: sell property to tenant intended to be reconstructed to suit the tenants business. During lease, owner retains title but possession (until lease expires) ~ need to meet the requirements of a contract to be enforceable. Lease > 3 years needs to be in writing. Lease is voidable at minors discretion unless it"s a necessity. Lease is void if lessee proves weaken state of mind at time of signing.

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