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Simple English definitions for legal terms
parol lease
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A quick definition of parol lease:
A parol lease is an agreement where someone lets another person use their property in exchange for money. It can be for a short or long time, and can be for land or personal property like equipment. It can be written down or just agreed upon verbally.A more thorough explanation:
A parol lease is an unwritten lease based on an oral agreement. It is a type of lease that is not documented in writing. A lease is a contract where the rightful possessor of real or personal property conveys the right to use and occupy the property in exchange for consideration, usually rent.
Example: John orally agrees to lease his apartment to Jane for six months in exchange for $500 per month. This is a parol lease because it is not documented in writing.
Parol leases are not recommended because they can lead to disputes between the parties involved. It is always better to have a written lease agreement that outlines the terms and conditions of the lease.