Average State University Students Ann,Bo,and Sherry Are Co-Tenants Under a Ten-Month

question 61

Essay

Average State University students Ann,Bo,and Sherry are co-tenants under a ten-month lease of a River Heights apartment from complex owner Stella Slumlord.The monthly rent set forth in the lease is $480.All three co-tenants signed the lease,which has five months remaining.Ann,Bo,and Sherry have each been chipping in $160 per month to cover the rent.Slumlord was aware of the co-tenants' rent-sharing agreement.Bo recently flunked out of school and returned to his parents' home in Reno,Nevada.Bo informed Ann,Sherry,and Slumlord that he will no longer be sharing in the rent.Slumlord has made demands upon Ann and Sherry for payment of the full monthly rental of $480.Is Slumlord legally justified in making this demand? Explain.

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Definitions:

Semi-annually

Semi-annually refers to an event or action occurring twice a year, or every six months.

Coupon Rate

The interest rate stated on a bond when it's issued which indicates the percentage of the principal to be paid annually as interest.

Intrinsic Value

The actual, fundamental worth of an asset, calculated based on an objective analysis of underlying factors.

Conversion Ratio

The specific number of shares of stock that a holder can convert a convertible security into.