Contracts

Latisha Bogan

Residential Rental Agreement

BUS311: Business Law I

Instructor: Erika O’Quinn

July 9, 2015

Introduction

Residential leases provide renters with a legally enforceable contract regarding the property that they rent. Since homes and businesses are critical parts of people’s lives it is important that the lease include all of the necessary elements to provide security to the renter and the landlord. In this paper, I will describe the contractual details of a residential rental agreement, the five essential elements of an enforceable contract, the circumstances of a breach of contract, and possible remedies.

Description

I entered into a residential rental agreement last year in February. The term of the lease was from the 1st of March 2014 until the 28th of February 2015. The parties on the lease included me and the landlord’s. The rent to be paid was nine hundred dollars the first of every month. I had until the fifth of the month to pay or I incurred a late fee of seventy-five dollars and an additional ten dollars a day until the whole amount was paid. The house was equipped with a refrigerator, stove, dishwasher, washer, and dryer. The landlord’s handled maintenance of the heating and cooling system, roof, foundations, electrical system, plumbing, hot water, and exterior walls. Pets were not allowed. A security deposit of $1,800 was to be paid and it would be given back within fifteen days of vacating the premises on good terms.

Offer

An offer is a promise to do business (Rogers, 2012). In the case of my rental agreement, the landlord formed a contract, making an offer and I accepted. In order for the contract to be enforceable, it had to be in writing and signed by me and the landlord.

To be enforceable, the rental agreement had to possess original signatures by me and the landlord. Any alterations to the contract was initialed by everyone involved (Feinman, 1982).

Acceptance

Acceptance is the offeree’s manifestation of assent to the...