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ElliottHankinson_BUL-2131-3_week12-work1 - Often, leases...

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ElliottHankinson_BUL-2131-3_week12-work1

ElliottHankinson_BUL-2131-3_week12-work1 - Often, leases...

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Ann leases an office in Ted's building for a one-year term. At the end of the period specified in the lease, the lease ends without notice, and possession of the office returns to Ted. If Ann dies during the period of the lease, what happens to the leased property? “A tenancy for years is created by an express contract (a contract that is oral or written, as opposed to a contract that is implied) by which property is leased for a specific period of time, such as a month, a year, or a period of years. At the end of the period specified in the lease, the lease ends (without notice), and possession of the property returns to the lessor. If the tenant dies during the period of the lease, the lease interest passes to the tenant’s heirs as personal property.
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Unformatted text preview: Often, leases include renewal or extension provisions (Miller & Hollowell, 2011). The tenants heirs inherit the lease and can fulfill its term. (A lease passes to a tenants heirs as personal property.) This rule protects the landlords interest, which is to realize the full benefits of the lease, and the tenants interest, which is also to realize the benefits of the lease. Of course, both parties must continue to abide by the terms of the lease. Reference: Miller, R. & Hollowell, W. (2011) Business Law, Text and Exercises (6 th Ed.) Mason, OH: South-Western Cengage Learning...
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