Contract Analysis: Lease Agreement
I. What is the Consideration on both sides of this contract? Defined (in my own words), consideration is something of value that is given in exchange for getting something from another person. In my case, rent payments are paid to my landlord in exchange for the right to rent the house.
II. Are there any conditions in the contract (precedent, subsequent, or concurrent)? Concurrent. There is a part in our lease that states that we receive a check back from our landlord, in the amount of $400.00 every four months. This money we get back is compensation for the upkeep of the land surrounding the house. We take care of the yard clean-up, and the landlord refunds us three times a year.
III. Is there a cancellation provision; and, if so, is it for one or both sides of the contract? Yes. There are two provisions in our lease contract that state (1) it allows the landlord to break the lease upon sale of the home. We were asked if we were interested in “renting to own”, however we weren't. We've agreed, and put in the contract, that if our landlord finds someone who's interested in purchasing this home, she has the right to break the lease. On the other hand, we sign a brand new lease every year. If for any reason during the time period of that year, we can't make our payments for some reason, our landlord can evict us, and we are still responsible for every months rent after that until the year is up.
IV. No, there aren't any parts of this contract that I would consider unconscionable, illegal, or contrary to public policy.
V. Is this contract required to be in writing under the Statute of Frauds? The Statute of Frauds requires certain contracts to be in writing (which my contract/lease is), and that it's signed by all parties and those parties are bound by it. a) Our contract does not involve the sale or transfer of land. b) In my contract/lease, I’m not answering for the debt or duty of another. c) My contract/lease is signed every year. The Statute of Frauds states
II. Are there any conditions in the contract (precedent, subsequent, or concurrent)? Concurrent. There is a part in our lease that states that we receive a check back from our landlord, in the amount of $400.00 every four months. This money we get back is compensation for the upkeep of the land surrounding the house. We take care of the yard clean-up, and the landlord refunds us three times a year.
III. Is there a cancellation provision; and, if so, is it for one or both sides of the contract? Yes. There are two provisions in our lease contract that state (1) it allows the landlord to break the lease upon sale of the home. We were asked if we were interested in “renting to own”, however we weren't. We've agreed, and put in the contract, that if our landlord finds someone who's interested in purchasing this home, she has the right to break the lease. On the other hand, we sign a brand new lease every year. If for any reason during the time period of that year, we can't make our payments for some reason, our landlord can evict us, and we are still responsible for every months rent after that until the year is up.
IV. No, there aren't any parts of this contract that I would consider unconscionable, illegal, or contrary to public policy.
V. Is this contract required to be in writing under the Statute of Frauds? The Statute of Frauds requires certain contracts to be in writing (which my contract/lease is), and that it's signed by all parties and those parties are bound by it. a) Our contract does not involve the sale or transfer of land. b) In my contract/lease, I’m not answering for the debt or duty of another. c) My contract/lease is signed every year. The Statute of Frauds states