ECON-1006EL Study Guide - Quiz Guide: Exxon
27 Oct 2020
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Are the requirements for a lease met: 2 requirements. Certainty of term and exclusive possession: certainty of term. The term of the lease must be ascertainable at the time the lease is created. Lace v chantler (1944: exclusive possession. The tenant possessing exclusive possession is able to exercise the rights of an owner of the land . A tenant armed with exclusive possession can keep out strangers and keep out the landlord . Ag securities v vaughan (1990: a licence is a personal permission to be on the land. Permission given to be on the land. A licence is a permission to do something on or over land which creates no interest in it . A licence passeth no interest nor alters or transfers property in anything but only makes an action lawful, which without it had been unlawful" . Security of tenure for business tenants: the lease would continue after the lease period is up.
