What term describes an agreement where Alex mows the grass for a reduction in rent?

The correct answer is that the term that describes the agreement where Alex mows the grass in exchange for a reduction in rent is a covenant. A covenant is a formal agreement or promise within a contract that specifies certain actions or behaviors that parties are obligated to comply with. In this context, the arrangement can be seen as a covenant between the landlord and Alex, where the action of mowing the lawn is tied to the condition of receiving a lower rent.

A lease agreement typically outlines the terms of renting property and the obligations of both the landlord and tenant, but does not specifically describe exchanges such as services for rent reductions. A property management agreement involves hiring a third party to manage property operations but does not pertain to the specific relationship between a landlord and tenant performing services. Lastly, a service level agreement generally relates to the expected level of service provided, often in a business context, rather than individual tenant and landlord arrangements regarding property maintenance. Thus, the use of the term covenant aptly captures the essence of the agreement between Alex and the landlord.