BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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periodic tenancy
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a tenancy for month to month
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a tenancy for years
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a tenancy at will
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Detailed explanation-1: -If lease agreement is not renewed then the tenant has to legally leave the property where he/she was occupying. Lease agreement renewal in India, mutually depends upon both the parties, if the landlord and tenant both agree to continue the agreement further.
Detailed explanation-2: -Section 106 of the TOPA clarifies that in the absence of a written contract or local law or usage, a lease of immovable property (except for agricultural and manufacturing) shall be deemed to be a lease from month to month, terminable, on the part of either lessor or lessee, by 15 days’ notice.
Detailed explanation-3: -A lease for an indefinite term is a year-to-year tenancy, which parties thereto may renew each year by failure to give notice to terminate. A “month-to-month tenancy” is a continuing relationship that remains unabated at its original terms until terminated by one of the parties.
Detailed explanation-4: -A fixed-term lease, also known as a term lease, is a rental agreement with a set start date and end date. Term lease agreements can last anywhere from six months to a year, although longer term lease agreements of up to three years do exist.