1. TASK: Insert the appropriate word in the text below:
applicable - clauses - conveyance - deed - duration
enforceable - grants - insurance - lump sum - maintenance
renewal - residence - security deposit - termination - early
Lease: General terms
A lease is a legal contract, and thus ___________ by all parties under the contract law of the ____________ jurisdiction.
In the United States, since it also represents a ___________ of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a _________.
Some specific kinds of leases may have specific ________ required by statute depending upon the property being leased, and/or the jurisdiction in which the agreement was signed or the ___________ of the parties.
Common elements of a lease agreement include:
- Names of the parties of the agreement.
- The starting date and _________ of the agreement.
- Identifies the specific object (by street address, VIN, or make/model,serial number) being leased.
- Provides conditions for ________ or non-renewal.
- Has a specific consideration (a __________, or periodic payments) for granting the use of this object.
- Has provisions for a _____________________ and terms for its return.
- May have a specific list of conditions which are therein described as Default Conditions and specific Remedies.
- May have other specific conditions placed upon the parties such as:
- Need to provide _______________ for loss.
- ___________________ use.
- Which party is responsible for ___________________.
- ___________ clause (describing what will happen if the contract is ended __________ or cancelled, stating the rights of parties to terminate the lease, and their obligations)
All kinds of personal property (e.g. cars and furniture) or real property (e.g. raw land, apartments, single family homes, and business property (including wholesale and retail)) may be leased. As a result of the lease, the owner (lessor) ___________ the use of the stated property to the lessee.
2. CHECK YOUR SPEAKING
|
applicable |
застосовований |
|
|
clauses |
[ klɔːz ] |
пункти договору |
|
conveyance |
[ kənˈveɪ.əns ] |
передача |
|
deed |
[ diːd ] |
дія |
|
duration |
[ djʊəˈreɪ.ʃən ] |
тривалість |
|
enforceable |
[ ɪnˈfɔːsəbl ] |
здійсненний, що виконується |
|
grants |
[ ɡrɑːnt ] |
надавати |
|
insurance |
[ ɪnˈʃʊərəns ] |
страхівка |
|
lump sum |
[ lʌmp sʌm ] |
Уся сума цілком |
|
maintenance |
[ ˈmeɪn.tɪ.nəns ] |
ведення |
|
renewal |
[ rɪˈnjuː ] |
оновлення |
|
residence |
[ ˈrez.ɪ.dəns ] |
місце проживання |
|
security deposit |
[ sɪˈkjʊərəti dɪˈpɒzɪt ] |
гарантійний депозит |
|
termination |
[ ˌtɜː.mɪˈneɪ.ʃən ] |
завершення |
|
early |
[ ˈɜːli ] |
раніше |
3. SEE CORRECT ANSWER
Lease: General terms
A lease is a legal contract, and thus enforceable by all parties under the contract law of the applicable jurisdiction.
In the United States, since it also represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed.
Some specific kinds of leases may have specific clauses required by statute depending upon the property being leased, and/or the jurisdiction in which the agreement was signed or the residence of the parties.
Common elements of a lease agreement include:
- Names of the parties of the agreement.
- The starting date and duration of the agreement.
- Identifies the specific object (by street address, VIN, or make/model,serial number) being leased.
- Provides conditions for renewal or non-renewal.
- Has a specific consideration (a lump sum, or periodic payments) for granting the use of this object.
- Has provisions for a security deposit and terms for its return.
- May have a specific list of conditions which are therein described as Default Conditions and specific Remedies.
- May have other specific conditions placed upon the parties such as:
- Need to provide insurance for loss.
- Restrictive use.
- Which party is responsible for maintenance.
- Termination clause (describing what will happen if the contract is ended early or cancelled, stating the rights of parties to terminate the lease, and their obligations)
All kinds of personal property (e.g. cars and furniture) or real property (e.g. raw land, apartments, single family homes, and business property (including wholesale and retail)) may be leased. As a result of the lease, the owner (lessor) grants the use of the stated property to the lessee.
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