Applying the facts to this test, Kimack’s agreement with Owners comprises a lease rather than a license. Owners and Kimack had agreed to a rental fee for the period of one month and, at the termination of the rental period, the condominium would revert to the possession of Owners. They held a fee simple in the condominium while Kimack had an interest for a limited duration, i.e., one month. Kimack’s actions of payment of the security deposit and rental payment along with the receipt and possession of the condominium keys fulfilled the intention of the parties to Kimaek’s exclusive possession of *508the condominium property. The evidence reveals that the parties stipulated to the fact that they had reached an oral contract. Even without the stipulation, this evidence strongly suggests that there was a fully executed contract. Accordingly, the agreement between Kimack and Owners was an execute ed lease.