Kelly Leases an Office from Local Property Company (LPC) for a Four-Year

question 47

Multiple Choice

Kelly leases an office from Local Property Company (LPC) for a four-year term with the rent payable monthly. At the end of the term, Kelly retains possession of the office with LPC's consent and continues to pay monthly rent. This new arrangement is

• A) a periodic tenancy.
• B) a tenancy at sufferance.
• C) a tenancy at will.
• D) a fixed-term tenancy.

---

Definitions:

Private Ownership

Ownership of assets by individuals or corporations rather than by the state or public entities.

Licensing Agreement

Occurs when a firm pays a fee for the rights to make or sell another company’s products.

Manufacturing Technology

The machinery, equipment, and processes used in the production of goods, emphasizing efficiency and quality.

Patent

Legal protection granted to inventors, giving them exclusive rights to manufacture, use, or sell their invention for a certain period.