Final answer:
Periodic Tenancy is a legal estate which renews automatically and can be terminated with written notice. It provides flexibility for tenants such as business owners of a pizza restaurant, who can relocate after a lease expires.
Step-by-step explanation:
A Periodic Tenancy, also referred to as an estate from year to year, is a type of tenancy that automatically renews for a set period. In the context of a Periodic Tenancy, the termination requires either party to give a 30-day written notice. If there is a requirement for 'just cause' for termination, this must be included within the notice. Once the property is vacated and all items returned to the owner, the lease is terminated. If the owner cannot provide possession on the agreed date, either party may terminate the agreement. In terms of a business lease, such as for a pizza restaurant, once the lease expires, the tenant has the flexibility to move to a different location that better suits their needs.