What is a defining characteristic of tenancy at will?

A defining characteristic of tenancy at will is that it has no specific rental period agreed upon. This means that either the landlord or the tenant can terminate the tenancy at any time, without the need for advanced notice or a formal lease agreement. This flexibility distinguishes tenancy at will from other types of tenancies, which usually have a fixed term or require specific notice periods for termination.

In contrast to the other options, a tenancy at will does not necessitate a signed lease agreement; it can be informal or oral. It is also not limited to commercial properties, as it can apply to residential situations as well. Additionally, it does not guarantee a fixed rental rate for any specific duration, as the essence of tenancy at will encompasses the absence of a predetermined rental period.