The agreement under which the tenant hires the property from the landlord is known as the lease. It is the agreement under which the tenant goes into possession and specifies how long the possession shall continue and the amount which shall be paid the landlord for the use of the property. The time for which the tenant may hold possession is known as the "term." The amount reserved to the landlord is known as "rent." A lease may be merely a verbal letting agreement for a short term, or it may be a lengthy document containing many special provisions and covenants.