Leases and Licences
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Questions and Answers

What is a necessary element of a lease?

  • Rental agreement
  • Joint tenancy
  • Shared ownership
  • Exclusive possession (correct)

    • What is the significance of the AG Securities v Vaughan case?

  • It differentiated between a lease and a license (correct)
  • It defined the term of a lease
  • It established the concept of joint tenancy
  • It introduced the concept of periodic tenancy

    • What are the two possible types of lease terms?

  • Fixed and periodic (correct)
  • Short-term and long-term
  • Joint and several
  • Exclusive and non-exclusive

    • What is the primary difference between a lease and a license?

    <p>A lease grants exclusive possession, while a license does not</p> Signup and view all the answers

    What is the other essential element of a lease, in addition to exclusive possession?

    <p>Payment of rent</p> Signup and view all the answers

    What is the primary characteristic that distinguishes a lease from a license?

    <p>Exclusive possession of the property</p> Signup and view all the answers

    What is a key requirement for a grant to be considered a lease?

    <p>The grantee must have exclusive possession of the property</p> Signup and view all the answers

    What is the significance of the term in a lease?

    <p>It defines the duration of the lease agreement</p> Signup and view all the answers

    What are the two essential elements of a lease?

    <p>Exclusive possession and the payment of rent</p> Signup and view all the answers

    What can the term of a lease be?

    <p>Either fixed or periodic</p> Signup and view all the answers

    What is the outcome of the AG Securities v Vaughan case?

    <p>Granted a lease</p> Signup and view all the answers

    What is a necessary element of a lease agreement?

    <p>Exclusive possession</p> Signup and view all the answers

    What type of lease is characterized by a fixed time period?

    <p>Fixed-term lease</p> Signup and view all the answers

    What is the primary difference between a lease and a license?

    <p>Exclusive possession</p> Signup and view all the answers

    What is a characteristic of a lease term?

    <p>Fixed or periodic time</p> Signup and view all the answers

    What is the primary distinction between a lease and a license?

    <p>Exclusive possession</p> Signup and view all the answers

    What is the result of a grant of exclusive possession of property for a fixed or periodic time?

    <p>A lease is created</p> Signup and view all the answers

    What is a required element of a lease agreement?

    <p>Exclusive possession</p> Signup and view all the answers

    How is the term of a lease typically characterized?

    <p>It can be either fixed or periodic</p> Signup and view all the answers

    What is the significance of the AG Securities v Vaughan case?

    <p>It distinguished a lease from a license</p> Signup and view all the answers

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