Fixed-term Tenancy or Tenancy For Years
A fixed-term tenancy or tenancy for years lasts for some fixed period of time. Despite the name, such a tenancy can last for any period of time – even a tenancy for one week would be called a tenancy for years. At common law the duration did not need to be certain, but could be conditioned upon the happening of some event, (e.g. "until the crops are ready for harvest", "until the war is over"). In many jurisdictions that possibility has been partially or totally abolished.
Read more about this topic: Leasehold Estate
Famous quotes containing the word years:
“Fear, when your friends say to you what you have done well, and say it through; but when they stand with uncertain timid looks of respect and half-dislike, and must suspend their judgement for years to come, you may begin to hope.”
—Ralph Waldo Emerson (1803–1882)