Contracts

Question 1

Types of Leases

Answer 1

Estate for Years
Estate from Period to Period
Estate at Will of the Parties
Estate at Sufferance

Question 2

Lease Payment Plans for Commercial Leases

Answer 2

Gross Lease
Net Lease
Percentage Lease
Graduated Lease
Index Lease

Question 3

Leasehold Improvements (LLL)

Answer 3

Improvements done at the landlord’s expense

Question 4

Trade Fixtures (TTT)

Answer 4

Tenant Takes the Trade (TTT) fixtures, personal property of tenant

Question 5

Eviction

Answer 5

The LAWFUL process of dispossessing a tenant that has overstayed or breached contract

Question 6

Constructive Eviction

Answer 6

Landlord makes it impossible for the tenant to occupy the property. It is ILLEGAL.

Question 7

Lease Options and Purchase

Answer 7

Starts as a lease with option to purchase

Question 8

Sale Leaseback

Answer 8

Seller remains in possession of sold property under a lease contract

Question 9

Optionor

Answer 9

Owner of the Property

Question 10

Optionee

Answer 10

Purchaser of the Property

Question 11

Option Contract

Answer 11

A unilateral contract. Dependant on the optionee to exercise the option

Question 12

Right of First Refusal

Answer 12

Holder has the right to match any offer made on a property.

Question 13

Time is of the essence

Answer 13

Action must be performed within the timeframe.

Question 14

Contingency

Answer 14

A stipulation that must be met before the contract can be performed.