Lease

• A lease is a contract made between landlord and tenant, which sets out all the rights and duties of both parties during the period of the lease. Such duties may include payment of rent, security deposits, restrictions and requirements of notice for terminating the lease. But regardless of the language in the lease, more than half of U.S. jurisdictions require the landlord to keep the premises "habitable," as defined by that state's law.
  
  

Lease Formation

• A lease is a legal contract, and may be formed either orally or in writing. Oral leases generally start at the moment of agreement between the prospective tenant and landlord.
  
  

Breach of Lease

• Legal remedies for breach of lease by either party are generally determined by state law. Such remedies may include money damages or automatic cancellation of the lease. Nearly all jurisdictions allow the landlord to evict the tenant for failure to pay rent.