This chapter identifies the key characteristics of a lease. It aims to distinguish between exclusive possession and exclusive occupation. The chapter analyses licences with leases. It describes the different types of leases that can exist in law and explain how they can be created. The chapter explains the different covenants that may be expressly or impliedly included in a lease. It also describes how the law protects a landlord against breaches of covenant by a tenant. The chapter discusses the enforceability of covenants against third parties on assignment. It explores how a lease might come to an end. The lease contained the following clause which provided for renewal: ‘containing the like covenants and provisos as are herein contained’. The court considered whether this was a perpetually renewable lease. A periodic tenancy is one that may continue indefinitely. Sometimes a periodic tenancy is implied because a property owner accepts rent paid on a periodic basis by a ‘tenant at will’.