Alex leased a shop from Geoffrey for a term of 48 months at an expressed rent of $6,000 per month, commencing January 1, 2000 and terminating on December 31, 2003. On January 1, 2004, Alex paid Geoffrey $6,000, which Geoffrey accepted. On the first day of the next 8 months, Alex paid the rent to Geoffrey who continued to accept it. On September 20, Geoffrey had an offer from Peter to lease Alex's shop for $6,800 per month. Geoffrey immediately faxed notice to terminate to Alex, effective October 20, 2004. Which of the following statements is/are TRUE?

• Because this is a commercial periodic tenancy, either party can terminate.
• On January 1, 2004 a new periodic lease was created by the actions of Geoffrey and Alex.
• Geoffrey is entitled to terminate the lease because Alex did not increase his rental payments when the lease was renewed.
• The notice period will be whatever is reasonable in the circumstances.

1. (1)A, B, and D only
2. (2)A, B, and C only
3. (3)C and D only
4. (4)All of the above