LEASE, from the French leiser, demittere, "to let," in law, a demise, or letting of lands, tenements, or hereditaments, unto another for life, terms of years, or at will, for a rent reserved.
A lease is either written, called an indenture, deed-roll, or lease in writing; or by word of mouth, called lease parole.
All estates, interests of freehold, or terms for years in lands, &c. not put in writing and signed by the parties, shall have no greater effect than as estates at will; unless it be of leases not exceeding three years from the making; wherein the rent reserved shall be two-thirds of the value of the things demised. Leases exceeding three years must be made in writing; and if the substance of a lease be put in writing, and signed by the parties, though it be not sealed, it shall have the effect of a lease for years, &c.
An assignment differs from a lease only in this, that by a lease one grants an interest less than his own, reserving to himself a reversion; in assignments he parts with the whole property, and the assignee stands to all intents and purposes in place of the assignor.