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Unformatted text preview: • a description of the parties sufficient for positive identification;
• identification of the property;
• details of the consideration;
• details of commencement, which will be from the date of possession, and duration of the lease; and
• any special conditions that have been agreed upon. Parol evidence can be given where the memorandum doesn’t contain the actual terms of the agreement.
The memorandum may comprise more than one document. 875
CHAPTER 33 Terms of a leasing contract PROPERTY AND MORTGAGES The terms of a leasing contract are either express or implied. The former provides, by express stipulation,
the covenants binding the parties—a covenant being a clause in an agreement whereby a party is bound
to give something to another or to do or not to do something for another. The implied terms include:
• a covenant by the lessor to provide the tenant with quiet possession;
• a covenant by the lessor of a furnished house that the premises are fit for habitation; and
• a covenant by the tenant to use the premises in a ‘tenant-like’ mann...
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This document was uploaded on 04/23/2012.
- Three '12