tenant have any right to exlude the landlord and remain on the premises. 2. a tenancy that expires on a specific day. 3. a leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration. 4. not a true tena

tenant have any right to exlude the landlord and remain on the premises. 2. a tenancy that expires on a specific day. 3. a leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration. 4. not a true tena

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.6DC

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Concept explainers

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.

Question

A Tenancy at Will is

	1.	not a true leasehold interest because it does not last for a definite period, nor does the tenant have any right to exlude the landlord and remain on the premises.
	2.	a tenancy that expires on a specific day.
	3.	a leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration.
	4.	not a true tenancy as the typical example is of an overholding tenant who enters into possession rightfully under a lease but now stays in possession wrongfully after the term has expired.
	5.	occupation by a trespasser, who enters without consent or lawful right and refuses to leave.

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