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)). This was more recently 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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- Different types of leases
- Macmillan Education UK
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- Chapter 2