Essentials of Business Law Chapter 26

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  1. Landlord
    The owner of real property who gives up his or her right of possession.
  2. Tenant
    The person who agrees to pay for the use of real property.
  3. Lease
    The document in which the terms of a rental agreement are written.
  4. Lessor
    The landlord in a lease agreement.
  5. Lessee
    The tenant in a lease agreement.
  6. Covenant
    An agreement made by either a landlord or a tenant to do certain things.
  7. Conditions
    Restrictions that limit the use of the property.
  8. Fair housing act
    A federal law that prohibits discrimination in housing on the basis of race, color, sex, familial status, national origin, religion, or handicap.
  9. Periodic tenancy
    A possession interest in which the lease continues for successive periods for the same length of time.
  10. Tenancy for years
    The most common type of possession interest in which the lease is for a specific period of time.
  11. Tenancy at will
    A possession interest in which no specific time of lease is agreed upon.
  12. Tenancy at sufferance
    A tenancy that exists only when a tenant wrongfully extends his or her tenancy beyond the term agreed upon.
  13. Warranty of habitability
    An implied warranty in which the landlord guarantees that the premises are reasonably fit for occupancy and that there are no defects that would impair the health, safety, or well-being of the occupants.
  14. Mitigate
    The duty of a landlord to make reasonable efforts to reduce his or her losses resulting from a tenant's abandonment.
  15. Quiet enjoyment
    The right to use the leased premises without unreasonable interferences from the landlord or third parties.
  16. Eviction
    An action that denies the tenant the use of the premises.
  17. Assignment of lease
    When a tenant transfers his or her entire interest in the entire premises for the remaining length of the term of the lease.
  18. Sublease
    A transfer of the tenant's interest in part of the term of the lease and/or part of the premises.
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Essentials of Business Law Chapter 26
2014-06-10 00:11:30
Business Law

Chapter 26
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