123. Demise.

The relationship of landlord and tenant is based on contract1, but a lease also operates as a conveyance. The usual word for this purpose is 'demise' or 'let', but neither those words nor any formal words of conveyance are necessary. Provided that the instrument shows the parties' intent that the one is to divest himself of the possession and the other is to come into the possession for a determinate time2, either immediately or in the future, it operates as a lease3. A periodic tenancy is for these purposes regarded as of determinate duration; but stipulations which purport to