FIN 368 Study Guide Exam 3 - FIN 368- EXAM 3 CH. 7-The...

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FIN 368- EXAM 3 CH. 7-The Leasehold Types of Common Law Tenancy's Tenancy for years/Term tenancy Has a beginning and ending point (specific period of time) Terminate w/out notice when end date hits In Mo, when you have a lease that lasts a year or more, it needs to be in writing "To A for 7 years" "To A for 3/1/10/-2/28/12" Periodic Tenancy No definite end date Ends when one party gives notice Month-to-month If a lease should have been in writing, but was orally contracted, then it has created a periodic tenancy not term tenancy -Oral lease>1 yr, not enforceable b/c violated statute of fraud, LL acceptance of rent creates m-t-m tenancy In MO, LL(landlord) or T(tenant) must give written notice that includes full rental period to terminate. Tenancy at Sufferance/ Holdover tenancy Any time a term of a tenancy ends, and the tenant refuses to leave, they become a tenancy at sufferance (trespasser). Landlord can pursue eviction When eviction is over landlord is entitled to double the rent they overstayed Tenancy at Will Lease without time frame Either party can terminate at anytime w/out any advance notice In MO, one month's notice, in writing "To T at LL discretion or will" Ch7 Q's pg-152 1. Term Tenancy- Has a specific beg and end date Periodic Tenancy-Continues from period to period until terminated by one of the parties giving proper notice Tenancy at Will- Exists as long as neither party chooses to terminate Tenancy at sufferance- Exists when a person is wrongfully in possession of another's land w/out a valid lease 1. Identify Parties Describe property Rent Term of lease Case Prob-pg 154 1. It is possible to exchange verbal promises for a year or less. In MO, it’s a year or more(needs to be in writing). Is there enough information to establish a verbal lease? YES (enough info) Identify parties, property, rent amount ($5,000 over 12 months), term( 1 year) We can exchange electrical services for rent Ch. 8- The Landlord-Tenant Relationship -Parts of a Lease Identify Parties Describe property Rent Term of lease Party's signatures (if in writing) -Concept of Habitability (Residential) Not needed in lease, law says it is the minimum
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-Minimum Standards LL must deliver and keep property in habitable conditions Life, Health, and Safety Implied warranty of habitability – did not exist at common law In MO, Tenant must prove 1. Residential Lease 2. Dangerous or unsanitary condition materially affects life , health, or safety of tenant 3. Reasonable notice to LL 4. LL has failed to make premises habitable -Does not give you any rights to damages to yourself -T should not lose deposit -Deposits -Security Deposit -Cleaning deposit -Prepaid rent. Protect LL if property is damaged or T leaves w/out paying rent. Missouri:
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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 Study Guide Exam 3 - FIN 368- EXAM 3 CH. 7-The...

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