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To protect both landlord and tenant, it is usually wise to specify how the lease may be terminated. Org "2 of 3The lease is your contract with the landlord.The most important source of information about your relationship with your landlord is your rental agreement, whether it is written or oral. Whether you are a tenant or a landlord, when you sign a lease agreement, you sign a contract. One-year rental agreement may renew for another full year at the end of the first term.