Lease Contract for Linear Pro

Contract Creation between Linear-Pro and Video Editing Organization

University of Phoenix

LAW/531 Business Law

21 June 2012

Course Facilitator:

Lease Contract for Use of Linear-Pro Equipment and License

Proof of Contract Formation:

On 21 June 2012 Non-Linear Pro and Video Editing Organization discussed the terms of the following contract. Non-Linear Pro explicitly stated that Video Editing Organization could perform a “trial” of the property belonging to Non-Linear Pro. This trial period was set at one month and at a rate of the standard lease. Video Editing Organization accepted the offer from Non-Linear Pro under the conditions of the contract as follows.

Non-Linear Pro (hereafter “Lessor”) and Video Editing Organization (hereafter “Lessee”) hereby enter into a lease agreement under the following terms:

1. Lessor shall convey to Lesse full possession and use of the Non-Linear Pro video editing system.

2. The term of this lease shall be from the date of delivery until 30 days subsequent to delivery.

3. The Lessee is obliged to pay Lessor a total of $1000 for the rights conveyed under this lease.

4. Upon expiration of the lease, the Lessee shall have the option to continue to lease the equipment and licenses under a new contract, have the option to buy the property for the price of $5000. If Lessee decides to buy the property, 100% of the amount paid by the Lessee to the Lessor during the lease period shall be applied toward the purchase price.

5. Lesse shall pay to Lessor $1000 upon or before taking possession of the property.

6. If Lessee fails to pay the full amount of the lease upon taking possession of the property, this contract will terminate immediately.

7. If upon taking possession of the property, Lessee determines the property is not functioning to fill the needs of the organization, a lease termination on the date of cancellation will take place. If the lease is terminated before the end of the 30-day period,...