Law for Business

Mr. Bernstein

Notes, pp 347-348Types of Leases

December 17, 2014

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Law for BusinessMr. Bernstein

LeasesAn agreement where one party receives temporary

possession of real property in exchange for consideration (rent)

Leases of >1 year must be written, according to the Statute of Frauds

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Law for BusinessMr. Bernstein

Leasehold EstatesPeriodic Tenancy (ie month to month)Tenancy for Years (period of time specified)Tenancy at Sufferance (holdover)Tenancy at Will (neither rent nor time period stated)

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Law for BusinessMr. Bernstein

Assets which are commonly leasedHousesApartmentOfficesWarehouse

…also Cars, Trucks…Airplanes or other Capital Equipment