Summary
Summary 1 Agreement _ Its Conclusion
- Course
- Institution
Summary of 4 pages for the course Mercantile Law 193 at SUN (Merc Law summaries)
[Show more]
Seller
Follow
summaryprovider
Reviews received
Content preview
Agreement & Its ConclusionDefinition
- Contract of lease: reciprocal agreement in terms of which one party, lessor,
undertakes to give other party, lessee, temporary use & enjoyment of leased
property, in total/in part, in return for monetary remuneration (rent).
- Distinguished from other forms of contract on basis of their essentialia:
1. lessor must deliver leased property & can’t remain in possession of
property
2. lessee only has temporary use & enjoyment of property & has to return
it to lessor at end of lease period
3. lessee must pay rent for use of leased property.
- All three elements must be present & type of contract depends on intention
- Has to comply w/general principles applicable to all contracts.
Leased Property
- Property that is leased must be in commercial sphere
- Property can be movable/immovable in nature.
- Should be corporeal in nature.
- Property must be certain/ascertainable.
Use & Enjoyment
- Use & enjoyment of property must be temporary.
- During duration lease, lessee may not consume, dispose of/alienate property.
- Lessee has duty to return property in original form & condition to lessor, taking
into account normal wear & tear.
Limited Duration of Time
- Lease is only aimed at temporary use of property.
- It should be fixed period from certain date/event to another date/event that will
happen/for set period of time
- If it is for indefinite period it will be lease if can be terminated by 1 at any time.
- Can also be on periodical basis
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller summaryprovider. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.95. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72841 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now