Which term best describes the legal relationship between a property owner and a tenant?

The term that best describes the legal relationship between a property owner and a tenant is "Leases." A lease is a contractual agreement wherein a property owner (the lessor or landlord) grants an individual (the lessee or tenant) the right to use and occupy a property for a specified period in exchange for rent. This relationship is defined by the lease agreement, which lays out the rights and responsibilities of both parties.

Understanding this legal relationship is essential, as it encompasses not just the exchange of rent for use of the property but also stipulates conditions regarding maintenance, duration of the tenancy, and other obligations, thus establishing a framework that governs the interaction between the property owner and tenant.

The other options do not accurately represent the relationship in question. Agency refers to a fiduciary relationship where one party acts on behalf of another but does not fit the landlord-tenant dynamic. Liability pertains to the legal responsibilities and potential claims for damages, which while relevant in the context of rental properties, does not define the relationship itself. Partnership implies a collaborative business arrangement between two or more parties, which again does not describe the nature of a leasehold interest in real property.