Critical Analysis Paper.docx - Analysis of Apartment Rental Contract Analysis of Apartment Rental Contract Augustus Swindell BUS311 Professor Brandy

Critical Analysis Paper.docx - Analysis of Apartment Rental...

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Analysis of Apartment Rental Contract Analysis of Apartment Rental Contract Augustus Swindell BUS311 Professor Brandy Kreisler 9/17/2019
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Analysis of Apartment Rental Contract A contract is a legally enforceable agreement between two or more people [ CITATION Rog12 \l 1033 ]. For a contract to be deemed binding, five criteriums must be met, which include an offer, acceptance, consideration, legality, and capacity. In this paper, I will critically analyze my apartment lease contract to explain the contractual details, explore the elements required to make the apartment lease contract a legally enforceable document, and analyze the possible consequences of breaching the contract. My apartment lease contract is between me, the lease, and ORP Element LL, the leasor. The terms of my lease are that I will reside in my apartment from February 25 th , 2019, through February 24 th , 2020. During this time I must pay $1173.00 in rent plus the trash and the water bill each month for the duration of the lease, no later than the third day of each month. If the rent, water, and trash aren’t paid on or before the third of each month, I will be subject to a $117.30 late fee. This contract is contingent upon a required $1120.00 security deposit. The security deposit is to be returned to upon vacating the property barring any damages to the apartment, which would result in a deduction of the refunded security deposit. The lease agreement also includes terms that I acquire and maintain rental insurance for the apartment as well as the prohibition of any persons not included in the lease agreement from occupying my apartment for more than seven consecutive days. According to the lease agreement, a 60 day written notice is required if I choose to vacate the premises.
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