FIN 368 Exam 3 Review - CHAPTER 7 & 8? I. Common Law...

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I. Common Law Tenancies A. Tenancy for Years/term tenancy 1. Specific period of time 2. Fixed start and end date 3. Terminates automatically w/o notice 4. In MO—if year or more it MUST be in writing B. Periodic Tenancy 1. No definitive ending date—M2M- ends when one party gives notice 2. Landlord acceptance of rent creates M2M tenancy 3. MO- written notice to terminate is required C. Tenancy at sufferance/holdover tenancy 1. tenant stays after original tenancy ends- landlord may evict 2. MO- holdover tenant pays double rent D. Tenancy at Will 1. No time frame (“at will”) 2. MO- one month notice in writing II. Lease provisions A. Identify Parties B. Property description C. Rental Amount D. Term E. BOTH parties signatures III. Implied warranty of habitability - did not exist at common law (in common law neither party had the duty to repair, unless agreed upon) A. MO- tenant (residential) must prove: 1. Dangerous or unsanitary condition materially affects life, health, or safety 2. Reasonable notice 3. Landlord has failed to make premises habitable IV. Deposits (security, cleaning, etc .) A. MO- max is 2 months rent 1. After lease expires, LL has 30 days to refund or give reasons why kept 2. Give tenant notice of walkthrough, tenant has right to be present 3. LL can use for damages, rent, etc. 4. Tenant may not use deposit as last month’s rent 5. If more than 30 days- tenant can sue for 2x amount V. Assignment—transfers leasehold interest to tenant- LL has legal action on both tenants – no reversion to original T A. LL T 1 T 2 T 1 can be released if landlord agrees VI. Sublease—two separate leases- LL can’t do anything to tenant 2 and vice versa A. LL T 1 T 1 T 2 T 1 essentially becomes LL 2 VII. Constructive Eviction A. Substantial interference—what a reasonable person thinks is incompatible w/ use/enjoyment B. LL fault—interference caused by LL action or failure to act- LL responsible if control 3 rd party actions C. Tenant must vacate within reasonable time (vacate, terminate, stop paying, etc.) or self help MO: 1. Tenant for at least 6 months; Gave 14 days notice 2. Tenant current on rent and no lease violations
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This note was uploaded on 09/27/2011 for the course FINANCE 368 taught by Professor Phillips during the Spring '11 term at Missouri State University-Springfield.

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FIN 368 Exam 3 Review - CHAPTER 7 & 8? I. Common Law...

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