PAROL LEASES

An agreement made verbally, not in writing, between the parties, by which one of them leases to the other a certain estate. 2. By the English statute of frauds of 29 Car. III, c. 3, s. 1, 2, and 3, it is declared, that all leases, estates, or terms of years, or any uncertain interest in lands, created by livery only, or by parol, And not put in writing, and signed by the party, should have the force and effect of leases or estates at will only, except leases not exceeding the term of three years, whereupon the rent reserved during the term shall amount to two third parts of the full improved value of the thing demised. And that no lease or estate, either of freehold or term of years, should be assigned, granted, or surrendered, unless in writing. The principles of this statute have been adopted with some modifications, in nearly all the states of the Union.