What is a Lease? Flashcards
What is a Reversionary Right?
The owner has the right to regain possession of the property after the lease has expired.
What must a lease contain?
Mutual agreement, Consideration, Capable Parties, and Lawful Object.
What is quiet enjoyment and possession of property?
Assurance that their possession will not be disturbed by anybody with superior title.
What kind of contract is a lease?
Bilateral
What does bilateral mean?
A promise for a promise (Ex. I promise to let you live in the property if you promise to pay)
What happens to the lease if the tenant dies?
The lease does not usually terminate and the responsivities as stated in the agreement could pass on to heirs of the deceased.
What is a lease?
Personal property that does not always run with the land.
What is an assignment?
Transfer of contract rights.
What is Sublet?
Rent the property you lease to another person while still maintaining your responsibility to your landlord under your rental agreement.
What is constructive eviction?
A term used in the law of real property to describe a circumstance in which a landlord either does something or fails to do something that he has a legal duty to provide. (Ex. not providing heat or water)
