Business Law Ii Final Exam Notes
Chapter 50- Real Property and Landlord- Tenant Relationship
Landlord Tenant Relationship
A Lease Contract arises when a property owner (Landlord) agrees to give another party (Tenant) exclusive rights to possess the property- usually for a price and for a specified term.
Landlord Duties 1. Implied warranty of habitability- The premises must be fit for basic human habitation 2. Possession- A landlord is obligated to give a tenant possession of the property that the tenant has agreed to lease. Whether the landlord must provide actually physical possession or the legal right to possession. After obtaining possession, the tenant retains the property exclusively until the lease expires, unless the lease states otherwise. 3. Implied Covenant of quiet enjoyment- The tenant has the right to quiet use and enjoyment of the possession of the premises, without a problem from the landlord a. Wrongful Eviction- If the landlord deprives the tenant of possession of the least property or interferes with the tenants use or enjoyment b. Constructive Eviction- The landlord makes it hard or impossible for the tenant to enjoy the premises
Tenants Duties 1. Keep Premises in reasonably good repair 2. Must pay rent 3. Cannot create waste (Decrease the value of the property)
Transferring Rights to Leased Property
1. Assignment- When the tenant transfers their entire interest in the leased property to a third person is known as an assignment 2. Sublease- When the tenant transfers all or part of the premises for a period shorter than the lease term is known as a sublease.
Real Property
Non-possessory Interests
In contrast to the types of property interests, some interests in land do not include any rights to possess the property (Interests in real property owned by others) including easements, profits and licenses
1. Easement- The right of a person to make limited use of another person’s real property, without taking
Landlord Tenant Relationship
A Lease Contract arises when a property owner (Landlord) agrees to give another party (Tenant) exclusive rights to possess the property- usually for a price and for a specified term.
Landlord Duties 1. Implied warranty of habitability- The premises must be fit for basic human habitation 2. Possession- A landlord is obligated to give a tenant possession of the property that the tenant has agreed to lease. Whether the landlord must provide actually physical possession or the legal right to possession. After obtaining possession, the tenant retains the property exclusively until the lease expires, unless the lease states otherwise. 3. Implied Covenant of quiet enjoyment- The tenant has the right to quiet use and enjoyment of the possession of the premises, without a problem from the landlord a. Wrongful Eviction- If the landlord deprives the tenant of possession of the least property or interferes with the tenants use or enjoyment b. Constructive Eviction- The landlord makes it hard or impossible for the tenant to enjoy the premises
Tenants Duties 1. Keep Premises in reasonably good repair 2. Must pay rent 3. Cannot create waste (Decrease the value of the property)
Transferring Rights to Leased Property
1. Assignment- When the tenant transfers their entire interest in the leased property to a third person is known as an assignment 2. Sublease- When the tenant transfers all or part of the premises for a period shorter than the lease term is known as a sublease.
Real Property
Non-possessory Interests
In contrast to the types of property interests, some interests in land do not include any rights to possess the property (Interests in real property owned by others) including easements, profits and licenses
1. Easement- The right of a person to make limited use of another person’s real property, without taking