Lease

A lease is a contractual agreement between a lessor (the property owner) and a lessee (the tenant) that grants the lessee the right to use and occupy a specific property for a defined period in exchange for payment, typically in the form of rent.

Leases can apply to various types of property, including residential, commercial, and industrial real estate.

Examples:

• Residential Lease: A one-year lease for an apartment where the tenant pays monthly rent.
• Commercial Lease: A five-year lease for a retail SPACe where the tenant pays rent and is responsible for property maintenance.

Key cases:

• Green v. Hous. Auth. of New Haven: Established the importance of clear terms in lease agreements and the responsibilities of both parties.
• Hadley v. Baxendale: Although primarily a contract case, it discusses the implications of breaches in leases regarding consequential damages.