What makes a lease a lease, and how the full repairing and insuring lease allocates cost, risk and obligation between landlord and tenant for the life of the term.
Before any covenant can be enforced, there must be a lease at all — and much turns on whether one exists and in what form. This chapter starts with the essential elements of a lease, the distinction between a lease and a licence, and the formalities that separate legal leases from equitable ones, before covering the periodic tenancies and tenancies at will that arise informally. It then moves to the FRI lease itself and the security a landlord takes against tenant default, break clauses and other routes out of the term, rent and the mechanics of rent review, and the alienation and alteration covenants that control what a tenant may do with the premises. It closes with the landlord's side of the bargain: the covenant for quiet enjoyment and the principle of non-derogation from grant.
