LAW OF LEASE Unit 1: definition, sources & essentialia
The law of lease defined Contracts of Lease are (1) reciprocal agreements between lessors and lessees in terms of which the lessor bind themselves to give the lessee the (2) temporary (3) use and enjoyment of the property, (4) wholly or in part, and the lessee binds themselves to (5) pay rental in compensation of their use and enjoyment. - Bradfield & Lehmann
Sources of the law of lease • Common law • Statute:
1. Use and enjoyment of the premises • Full or partial use and enjoyment • Identifiable • Lessee cannot give or acquire rights in the premises, greater than use and enjoyment • Temporary nature – the property must be returned in the same condition it was received, fair wear and tear excepted
2. Temporary duration • Common law: a definite lease period is not a contractual requirement • Distinctions between fixed term, periodic leases, renewable lease • Lease contract clauses – suspensive conditions upon the happening of future events or conditional clauses, used to extend or limit lease periods.
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- Fall '18
- Leasing, Leasehold estate, Rental agreement, RHA