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This is one of the two forms of legal estate established by the Law Of Property Act (1925), which abolished all legal estates except this one and the freehold Fee simple absolute in possession. A 'term of years absolute' is simply a Lease, which may be in possession, or come into possession in the future. A lease which does not fulfil the formality requirements to be regarded as a term of years absolute (that is, a legal lease), may nevertheless be recognized as an equitable lease.