What type of estate is designed for a specific duration as agreed upon in the lease?

The correct answer, referring to an estate designed for a specific duration as agreed upon in the lease, is known as an estate for years. This type of estate is characterized by a clear start and end date, making it distinct from other types of leases.

An estate for years is not contingent upon the will of either the landlord or the tenant; rather, it firmly establishes a fixed lease term that automatically terminates at the end of that period without the need for notice. This clarity benefits both parties, as they know their rights and responsibilities during the lease term.

In contrast, other types of estates, such as an estate at will, do not have a predetermined duration and can be terminated at any time by either party with proper notice. An estate from period to period typically involves renewal or continuation of a lease for successive periods, which could be monthly or yearly, but also does not have a fixed term like an estate for years.

Understanding the distinctions between these types of estates is crucial for effective property management and real estate transactions, as it impacts both the obligations and rights of landlords and tenants.