Chapter 6 – Commercial and Residential Tenancies Flashcards
What is a lease?
An instrument granting exclusive possession of land to another for a specified term, usually at a rent?
What is a licence?
With respect to real property, a privilege to enter onto premises for a certain purpose. However, this privilege does not confer upon the licensee any title, interest or estate in such property (e.g., exclusive right to possession of the property)
What is a tenancy agreement?
A contract between the landlord and the tenant, pertaining to the letting of residential premises?
What is a periodic tenancy?
A tenancy which automatically renews itself on the last day of the term for a further term of the same duration until terminated by either party
What is tenancy at will?
A tenancy where the tenant, with the consent of the landlord, occupies land as a tenant for a term which can be terminated by either party at any time
What is rent?
A sum that a tenant promises to pay to the landlord in return for possession of the premises?
What is a security deposit?
A sum of money paid to the landlord as collateral in case the tenant damages the premises or otherwise violates a term of the tenancy agreement
What is distress?
A legal term for a landlord’s right to seize and sell a tenant’s personal property in order to recover arrears of rent
What is mitigation?
A principle requiring that a party who has suffered loss take reasonable action to minimize the amount of loss suffered
What is a covenant of quiet enjoyment?
A guarantee to the tenant that he or she will be able to possess and enjoy the premises without significant interference
What is a covenant of non-derogation from the grant?
A guarantee to the tenant that the landlord will not substantially deprive him or her of the benefit conferred by the tenancy agreement
What is negligence?
A tort that involves a failure by a person to exercise care in circumstances which require that person to take care
