73. An estate for years is an estate created for a definite time, measured by years or fractions of a year.
74. The grantor of an estate for years is called the "lessor" or "landlord"; the grantee is called the "lessee" or "tenant."
75. A contract creating an estate for years is called a
An estate for years is an estate less than freehold. As seen by the definition given in the black-letter text, the duration of the estate is measured by years, months, etc., and not by some uncertain measure, like the continuance of a life. Definitions of a lease, and the names of the parties to a lease, have been given. The term "lease," however, is often applied to instruments creating estates in fee or for life where a rent is reserved. By the creation of an estate for years, the modern relation of landlord and tenant is established between the creator of the estate or owner of the reversion and the grantee or owner of the estate for years.