132. Option for further lease.

A lease which creates a tenancy for a term of years may confer on the tenant an option to take a lease for a further time1. Such an option constitutes an offer which the landlord is contractually precluded from withdrawing so long as the option remains exercisable2; and it may be possible to exercise the option by conduct3. The option may be so phrased that the tenant is entitled to a fresh lease containing all the terms, including the option to renew, contained in his original lease, in which case the lease is perpetually renewable4, and will now take