The Lease Is a Contract Between a Property Owner and Tenant

question 26

Multiple Choice

The lease is a contract between a property owner and tenant that transfers exclusive use and possession of space to the tenant, but allows the owner to retake possession of the property at the expiration of the lease. Which type of interest allows the owner to retake possession at the end of a lease?

• A) Remainder interest
• B) Reversion interest
• C) Spousal interest
• D) Co-ownership interest

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Definitions:

Restatement

Secondary legal sources that seek to clarify, explain, and illustrate the principles of a particular field of law to guide the courts in how the law should be applied.

Contract Term

A specific provision or condition outlined within a contract that dictates the obligations, rights, or restrictions for the parties involved.

Prohibiting Assignment

A clause within a contract that restricts or entirely prevents one party from transferring their rights or obligations under the contract to another party.

Delegation Of Duties

The assignment of responsibility or authority from one person to another person to carry out specific activities.