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Today's video discusses the lease agreement or lease contract, terms that are used interchangeably. It involves a contract between two parties: the lessor (landlord or property manager) and the lessee (tenant). Lease agreements can be verbal or written; however, due to a law called the statute of frauds, leases longer than one year must be in writing to be enforceable. Each state has its own statute of frauds that outlines these requirements. In the next video, different types of lease agreements will be explored.