Contract Analysis Lease Agreement free essay sample

I. What is the Consideration on both sides of this contract? Defined (in my own words), consideration is something of value that is given in exchange for getting something from another person. In my case, rent payments are paid to my landlord in exchange for the right to rent the house. II. Are there any conditions in the contract (precedent, subsequent, or concurrent)? Concurrent. There is a part in our lease that states that we receive a check back from our landlord, in the amount of $400. 00 every four months. This money we get back is compensation for the upkeep of the land surrounding the house. We take care of the yard clean-up, and the landlord refunds us three times a year. III. Is there a cancellation provision; and, if so, is it for one or both sides of the contract? Yes. There are two provisions in our lease contract that state (1) it allows the landlord to break the lease upon sale of the home. We will write a custom essay sample on Contract Analysis: Lease Agreement or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We were asked if we were interested in â€Å"renting to own†, however we werent. Weve agreed, and put in the contract, that if our landlord finds someone whos interested in purchasing this home, she has the right to break the lease. On the other hand, we sign a brand new lease every year. If for any reason during the time period of that year, we cant make our payments for some reason, our landlord can evict us, and we are still responsible for every months rent after that until the year is up. IV. No, there arent any parts of this contract that I would consider unconscionable, illegal, or contrary to public policy. V. Is this contract required to be in writing under the Statute of Frauds? The Statute of Frauds requires certain contracts to be in writing (which my contract/lease is), and that its signed by all parties and those parties are bound by it. ) Our contract does not involve the sale or transfer of land. b) In my contract/lease, I’m not answering for the debt or duty of another. c) My contract/lease is signed every year. The Statute of Frauds states that its impossible for the performance to take place, or be completed in one year. My contract is. d) Also, my contract/lease doesnt call for the sale of certain goods under the UCC. VI. No, there arent any provisions of the contract/lease that I consider ambiguous, vague, or contradictory. VII. What are the provisions for default under the contract? A default would be if I failed to live up to the lease contract. Say if I was unable to pay the rent every month, then my landlord could take repossession of the house. VIII. What are the remedies available to each side? Along with my responsibilities to pay the rent, keep up the yard work, and other lessee duties, my landlord also has duties. The remedies available to me are that in circumstances where the safety of the home are an issue, my landlord needs to take care of that. My house needs to be structurally safe, rodent and insect free and so on. If my landlord neglected to take care of any of these issues or issues like this, then I would have the right to an abatement or a reduction in my rent. The remedy for a breach varies upon the state in which you live. In some jurisdictions you can reduce the amount of rent until the landlord fixes the problem. In other states, you must file a lawsuit and demand money damages. You may wish to consult with a landlord-tenant attorney or create a post in an online law forum to determine what the law is in the state where you live.