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 tenant’s heirs inherit the lease and can fulfill its term. (A lease passes to a tenant’s heirs as personal property.) This rule protects the landlord’s interest, which is to realize the full benefits of the lease, and the tenant’s 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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This note was uploaded on 06/11/2012 for the course BUL 2131-3 taught by Professor None during the Winter '12 term at Everest University.

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

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