What is the term used for a leasehold possession that can be terminated by either party at any time?

The correct term for a leasehold possession that can be terminated by either party at any time is "Tenancy at Will." This type of arrangement implies a level of flexibility, allowing both the landlord and the tenant to end the tenancy with little to no notice, depending on the specific agreement or state laws. It is typically established when no formal lease agreement exists and can be maintained as long as both parties are in agreement to continue the rental arrangement.

In contrast, a fixed-term lease is characterized by a set duration, usually requiring both parties to adhere to the terms until the lease expires. A periodic tenancy involves a lease that automatically renews at the end of each period (such as weekly or monthly) until either party terminates it, but unlike a tenancy at will, it requires a notice period for termination. Tenancy at sufferance occurs when a tenant remains in possession of the property after the lease has expired, without the landlord's consent.

Understanding these differences is crucial for recognizing the specific rights and obligations associated with each type of tenancy.