A lease that does not specify a definite period but includes payment intervals is known as what?

A lease that does not specify a definite period but includes payment intervals is known as a tenancy at will. This type of tenancy allows either party to terminate the lease at any time, although there may be a requirement for notice depending on the jurisdiction. It is characterized by the flexibility it offers to both the landlord and the tenant, since it does not bind either party to a long-term lease.

In a tenancy at will, the lease can continue indefinitely as long as both parties agree and the tenant continues to make payments. This differs from other forms of tenancy like a tenancy for years, which has a fixed duration and does not require ongoing consent from either party for continuation. Similarly, a tenancy by the entirety is related to ownership by married couples and does not apply to rental agreements. A tenancy at sufferance occurs when a tenant remains in possession of property after the lease has expired and without the landlord's consent, which does not fit the description of having specified payment intervals. Therefore, a tenancy at will accurately describes the arrangement where there is no fixed term but payments are made at regular intervals.