Business Law Ii Final Exam Notes

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  • Topic: Partnership, Property, Corporation
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  • Published : December 4, 2012
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Chapter 50- Real Property and Landlord- Tenant Relationship

Landlord Tenant Relationship
A Lease Contract arises when a property owner (Landlord) agrees to give another party (Tenant) exclusive rights to possess the property- usually for a price and for a specified term. Landlord Duties

1. Implied warranty of habitability- The premises must be fit for basic human habitation 2. Possession- A landlord is obligated to give a tenant possession of the property that the tenant has agreed to lease. Whether the landlord must provide actually physical possession or the legal right to possession. After obtaining possession, the tenant retains the property exclusively until the lease expires, unless the lease states otherwise. 3. Implied Covenant of quiet enjoyment- The tenant has the right to quiet use and enjoyment of the possession of the premises, without a problem from the landlord a. Wrongful Eviction- If the landlord deprives the tenant of possession of the least property or interferes with the tenants use or enjoyment b. Constructive Eviction- The landlord makes it hard or impossible for the tenant to enjoy the premises Tenants Duties

1. Keep Premises in reasonably good repair
2. Must pay rent
3. Cannot create waste (Decrease the value of the property)

Transferring Rights to Leased Property

1. Assignment- When the tenant transfers their entire interest in the leased property to a third person is known as an assignment 2. Sublease- When the tenant transfers all or part of the premises for a period shorter than the lease term is known as a sublease.

Real Property
Non-possessory Interests
In contrast to the types of property interests, some interests in land do not include any rights to possess the property (Interests in real property owned by others) including easements, profits and licenses

1. Easement- The right of a person to make limited use of another person’s real property, without taking anything from it. Example- Walking across another persons yard to get to yours a. Easement Appurtenant- An easement or profit appurtenant arises when the owner of one piece of land has a right to go onto or remove things from an adjacent piece of land owned by another. i. Dominant estate- The land that is benefited by the easement ii. Servient Estate- The land that is burdened by the easement b. Easement or Profit in Gross- The right to use or take things from another’s land is given to one who does not own an adjacent tract of land. These easements are intended to benefit a particular person or business, not a particular piece of land, and cannot be transferred. 2. Profit- The right to go onto another persons land and take away some part of the land itself or some product of the land. Example- Joe gives Ann the right to go on his property and remove all the sand and gravel she needs for her cement business. Ann has a profit 3. License- The right of a person to come onto another person’s land. It is a personal privilege that arises from the consent of the owner of the land and can be revoked by the owner at any time. Example- A ticket to attend a movie at a theatre is an example of a license. If the person is refused entry because they are improperly dressed, they have no right to force into the movie theatre. Therefore, the ticket is only a revocable license, not a conveyance of an interest in property.

How do you create an easement? PING
P-Prescription- Adverse Possesion
I-Implication- When the previous use was apparent and it was expected that the arrangement would continue N-Necessity- A Person who rents an apartment for example has an easement by necessity in the private road leading up to it G-Grant

Limitations on the rights of Property Owners
1. Eminent Domain- The power of the government to take private land for public use in exchange for just compensation...
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