PAROL LEASES

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. 4 Kent, Com. 95; 1 Hill. Ab. 130