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Legal Terms - Equitable lease
a contract that grants a land interest on terms that are equivalent to a *legal lease but do not meet the formal requirements of a legal lease. For instance, the court may uphold the parties' written agreement to award a lease if L claims to provide T a seven-year lease but the transaction is carried out through a simple written contract rather than a deed. This is in accordance with the maxims of equity, which state that "equity looks upon that as done which ought to be done" (Walsh v. Lonsdale (1820) 21 Ch D 9). Furthermore, any third party purchasing L's interest in the land would be bound by T's rights under the contract if it were registered as a *estate contract.
a contract that grants a land interest on terms that are equivalent to a *legal lease but do not meet the formal requirements of a legal lease. For instance, the court may uphold the parties' written agreement to award a lease if L claims to provide T a seven-year lease but the transaction is carried out through a simple written contract rather than a deed. This is in accordance with the maxims of equity, which state that "equity looks upon that as done which ought to be done" (Walsh v. Lonsdale (1820) 21 Ch D 9). Furthermore, any third party purchasing L's interest in the land would be bound by T's rights under the contract if it were registered as a *estate contract.
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