final_07_fact_pattern_Exam

final_07_fact_pattern_Exam - Business Law I Fall 2007 The...

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Business Law I Fall, 2007 The following fact pattern will provide the background information necessary to answer the questions in the final exam. You may bring this document and any notes or documents you create while studying with you to rely on while writing your exam answers. This information will NOT be distributed again in the test so you should be sure to print out your own copy for use during the exam. Andy, Brian, Carol and Dan own two rental properties in Ithaca. The men are brothers and Carol is married to Dan. They are equal co-owners of both of the rental properties. All four individuals have full-time jobs so they share responsibility for overseeing the rental properties. Andy is a lawyer so he writes and negotiates the leases with the tenants. Brian works for the Tompkins Trust Company so he deals with all the financial matters, including depositing rent checks, and paying the bills and taxes. Carol and Dan make sure that the properties are kept in good repair and that any individuals hired to clean, mow the grass, plow snow, etc., do so when necessary. The first property is a duplex in the Fall Creek area downtown, containing two 3-bedroom units. [A duplex is a building where two units share a common wall.] The first unit is 111 Fall Street and is rented to Ted, Trent, and Tom who are graduate students at Cornell. The second unit is 113 Fall Street and is rented to Tricia, Tracy and Tara who are young, single women working in Ithaca. The lease for each unit is the same. A copy of the lease that the students executed is included here for your information. Please note that all three tenants signed the lease and that Andy executed it on behalf of all the owners. The lease for 113 Fall Street was signed in the same way. The second property is a very large house near the courthouse in downtown Ithaca that has been renovated and is rented to several businesses. The first floor is occupied by the Finger Lakes Real Estate Agency, a small real estate business that specializes in assisting those who are buying and selling lakefront property. Rosy and Ralph work for Finger Lakes as real estate brokers. The second floor of the commercial property has two suites. The first is occupied by Archie, who is an architect, and the second is leased to Creative Designs, a firm that specializes in commercial art. Connie and Charlie own Creative Designs and Chelsea is their secretary. Creative Designs has developed an excellent reputation throughout central New York and Connie and Charlie find they have more work than they can handle. As a result, Creative Designs has started to use other artists to execute projects once Connie or Charlie has laid out the design.
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HOUSE LEASE AGREEMENT THIS LEASE AGREEMENT , made this 5 th day of August 2007, by and between Andy, Brian, Carol and Dan, hereinafter referred to as "Owner," and Ted, Tom and Trent, hereinafter individually and collectively referred to as "Tenant". 1)
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final_07_fact_pattern_Exam - Business Law I Fall 2007 The...

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