Which of the following statements concerning the difference between a lease and a licence is FALSE?

1. (1)A lease is both a contract and an interest in land, where as a licence is only a contract.
2. (2)Both leases and licences always confer an exclusive right to possession of the premises.
3. (3)A lease runs with the land and can bind third parties, where as a licence is only binding on the parties to the contract.
4. (4)While licences and leases may appear to be similar, the legal rights involved are very different.