Final answer:
A leasehold estate establishes property rights for a tenant to use the landlord's property for a fixed term. It provides legal protection for the tenant's right to use and benefits from the property without full ownership. These rights contribute to economic growth by enabling contractual agreements and transactions.
Step-by-step explanation:
A leasehold estate establishes contractual rights between a landlord and a tenant, where the tenant is granted the right to occupy or use the property belonging to the landlord for a predetermined period of time. This arrangement allows the tenant certain rights, such as the right to privacy, the use of the property, and sometimes the right to sublet or assign the lease subject to the terms of the agreement.
Specific rights of leasehold estates may include usufruct rights, which refer to the right to use and gain benefits from someone else's property. This concept is similar to the practices in horticultural societies where individuals are allocated land for use but do not have ownership rights to sell it.