ABSTRACT
A lease is a personal, contractual agreement between an owner of land and a tenant, whereby the owner agrees to transfer the right to exclusive possession in the land to the tenant for a specific and definable period of time-which must be less than the duration of time for which the owner holds the interestusually in return for the payment of a nominated rental. The primary characteristics of a lease contract are: the intention to confer exclusive possession of land upon another person; the term of exclusive possession being less than the term for which the lessor holds the land; and the regulation of this exclusive possession by specific contractual provisions. The vital characteristic of the lease is exclusive possession. It is this feature which transforms the lease from a personal, contractual right into a form of real property, existing for the duration of time that the tenant is entitled to possession. Where the possession conferred is not exclusive, the arrangement cannot constitute a lease.
