Promises Made by the Landlord and Tenant to Each Other

question 7

Multiple Choice

Promises made by the landlord and tenant to each other in the lease to do or not to do certain acts are known as:

• A) automatic leases provisions.
• B) recordation clauses.
• C) covenants.
• D) reversionary clauses.

Recognize the conditions under which a principal can ratify unauthorized acts of an agent.

Learn about the principles governing liability for tortious acts committed by agents.

Understand the special rules concerning agency relationships in real estate transactions.

Grasp the impact of an agent’s actions on the legal status and liability of the principal.

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Definitions:

Record Keeping

The process of maintaining accurate and systematic records of an organization's financial transactions and other significant events.

Timeliness

The quality of being done within a desirable time frame or deadline, often crucial for decision-making or reporting.

Purchases Journal

A record of all credit purchases made by a business, used to track and manage inventory acquisition.

Beverage Supplies

Items and ingredients used in the preparation and sale of drinks, often accounted for in businesses that serve food and drink.