Final answer:
Lease contracts of one year or more require a written agreement due to the Statute of Frauds, while shorter leases can be oral. Written leases help prevent misunderstandings and provide clear terms, including termination conditions and rent details.
Step-by-step explanation:
Lease contracts that last for one year or more require a formal written agreement to be legally binding. This is due to the Statute of Frauds, which mandates that certain contracts must be in writing to be enforceable. For leases of less than a year, an oral agreement can suffice, though having a written contract is still beneficial for clarity and proof of the agreement's terms.
However, for longer leases, the law aims to prevent misunderstandings and fraud by requiring a detailed written lease that outlines the terms clearly, including termination clauses, rent amount, and other important conditions.