Understand a lease as an interest in land and its implications (cross-refer to Paper 1, Unit 1.3).
Explain the dual relationship between landlord and tenant: privity of contract and privity of estate, and the implications on the binding effect of their covenants on assignees.
Distinguish fixed term lease, periodic lease, tenancy at sufferance and tenancy at will.
Understand the essential elements of a lease and the formalities required.
Understand the effect of dealing with a lease by assignment, subletting or novation.
Understand option to renew and circumstances leading to the determination of a lease.
Understand what rights and duties are implied by law on the part of the landlord and tenant respectively.
Explain commonly expressed terms/ covenants.
Understand the remedies available for breach of term/covenant.