A species of contract for the possession and profits of lands and tenements either for life or for a certain term of years, or during the pleasure of the parties, which gives rise to the relationship of landlord and tenant. One of its essential properties is, that its duration must be for a shorter period than the duration of the interest of the lessor in the land; for if he disposes of his entire interest it becomes an assignment, and is not a lease. In other words, the granting of a lease always supposes that the grantor reserves to himself a reversion in the leased premises. The party who leases is called the lessor, he to whom the lease is made the lessee, and the compensation or consideration of the lease is the rent. The words lease and demise are frequently used to signify the estate or interest conveyed; but they properly apply to the instrument of conveyance.