LEASES AND LICENCES

WHAT IS A LEASE?

MacKenzie and Phillips define a lease as

“The grant of a right to exclusive
possession of land for a determinate term
less than that which the grantor
has . . .” p. 148. A lease gives a
lessee/tenant a right in rem. This right
is one that allows the tenant to take
action against anyone who violates
his interest. A lease is also referred to as
a “demise” or “term of years
absolute.