Also known as: leases · leased · leasing · tenancy agreement · rental contract
Written by attorneys · grounded in primary & secondary sources — see below
A contract by which a rightful possessor of real or personal property conveys the right to use and occupy the property in exchange for consideration, usually rent. The lease term may be for life, for a fixed period, or for a period terminable at will. The relationship requires a transfer of the right to possession of space with a fixed location for the duration of the lease.
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Linden Logistics owns two manufacturing plants and leases one to a competitor under a long-term agreement. The lease leaves Linden with only a minor distribution operation that generates less than twenty percent of prior consolidated revenue. The board seeks shareholder approval before executing the lease because the transaction disposes of assets outside the usual course and leaves the corporation without a significant continuing business activity.
Logan Lane orally agrees with Lena Lawson to rent a warehouse for three years at monthly rent of five thousand dollars. Logan takes possession and pays rent for six months, which Lena accepts. The arrangement creates a month-to-month periodic tenancy containing all lease terms except the stated duration.
Lone Peak Energy, a limited partnership, receives an offer to lease its entire mineral rights portfolio to an energy company. The general partners vote three to two in favor, but the limited partners withhold consent. The lease cannot proceed without the affirmative vote or consent of all partners because it disposes of substantially all partnership property outside the usual course of business.
Lucy Liu signs a letter expressing interest in leasing a downtown parcel from Landon Long. After further negotiations the parties orally agree on an eight-year lease but fail to identify the precise boundaries in any single document. The signed letter and a later unsigned memorandum describing the parcel together constitute a sufficient memorandum under the statute of frauds.
Luna Lang leases retail space to Liberty Trust with a covenant restricting the landlord from leasing other space in the building to competing businesses. The restriction runs with the leased premises and binds subsequent owners of the building as a covenant in the lease.
Lexicon Media routinely leases excess office furniture to other firms as part of its regular business operations. The board approves a new three-year furniture lease without shareholder action because the disposition occurs in the usual and regular course of business.
Shareholder approval is required when the lease disposes of assets outside the usual and regular course of business and leaves the corporation without a significant continuing business activity. A corporation is conclusively deemed to retain a significant continuing business activity if it keeps an activity representing at least twenty-five percent of consolidated assets or income.
An oral lease invalid under the statute of frauds creates no tenancy unless the tenant takes possession. If the tenant also pays and the landlord accepts rent as provided in the lease, a periodic tenancy arises containing all terms except duration. Substantial performance clearly referable to the lease terms gives the lease full effect.
…return on its investment. Appellants own the Grand Central Terminal, which has been designated a landmark. They entered into a lease agreement with a third party to construct a multistory office building above the terminal. The Commission rejected the proposed construction, finding that it would destroy the terminal's…
…States shall have the same right, in every State and Territory, as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold, and convey real and personal property.”[^maj-9] This Court has given specific recognition to the same principle. Buchanan v. Warley , 245 U.S. 60 (1917). It is likewise…
…from the rest of the lot. The historic mean high tide line determines the lot's oceanside boundary. The Nollans originally leased
…adoption, or marriage shall be deemed to constitute a family.” Appellees the Dickmans are owners of a house in the village and leased it in December 1971 for a term of 18 months to Michael Truman. Later Bruce Boraas became a co-lessee. Then Anne Parish moved into the house along with three others. These six are students…
…Agricultural Ins. Co. v. Constantine , 144 Ohio St. 275, 58 N. E. 2d 658 (Sup. Ct. 1944); as to exculpatory clauses in leases re
Yes. The affirmative vote or consent of all partners is required to lease all or substantially all of the limited partnership's property outside the usual and regular course of its activities and affairs.
Yes. Where two or more documents are signed by the party to be charged, they may be read together even though neither contains any reference to the other. The question whether they constitute a sufficient memorandum is the same as if they had been incorporated in a single document.
A landlord-tenant relationship exists only with respect to space intended to have a fixed location for the duration of the lease and only if the landlord transfers the right to possession of the leased property.