Final answer:
The correct term for the contract that allows a tenant to live on a property is a lease agreement. This document provides the terms and conditions for occupancy and outlines procedures for termination, including the requirement of a notice period and actions post-termination. Option B is correct.
Step-by-step explanation:
The contract that allows a tenant to live on the property is a lease agreement. This is a legally binding document between a landlord and a tenant that outlines the terms and conditions under which the tenant can occupy the property. Contractual rights are based on property rights and they allow individuals to enter into agreements with others regarding the use of their property, providing recourse through the legal system in the event of disputes.
According to these rights, individuals or firms must own the property to enter into a contract. The lease agreement typically includes provisions regarding TERMINATION. This can require giving a 30-day written notice of intention to terminate the agreement, and the lease may be automatically renewed on a month-to-month basis after the initial leasing period unless terminated by either party. Also, on termination, the tenant is usually required to vacate the premises and return all keys and property owned by the landlord.