A lease or tenancy is a contract that tranfers the right to possess specific property. In law, there are two types of property:
- Historically, land is the more important because, under normal circumstances, it holds the highest value in economically developed societies. Ownership of land is an aspect of the system of real property or realty in common law systems (immovables in civil law systems and Conflict of Laws/Private International Law).
- All other property is considered personal property or personalty in common law systems (movables in civil law and Conflict of laws), and this property is either tangible or intangible, i.e. it is either physical property that can be touched like a computer, or it is an enforceable right like a patent.