Paul, an Easy State University Physics Major, Rented an Apartment

question 4

Essay

Paul, an Easy State University physics major, rented an apartment from Jayvee Villas, Inc. for one year, beginning September 1, 1999. The lease contained a term giving Paul the right to renew his lease for an additional year, at a rent increase of $25 per month by giving notice to the landlord of his intent to renew at least 30 days before the termination of the lease. After the fall semester, Paul had an opportunity to study in Spain, so he assigned his lease to Joel for the remainder of the months covered by the lease (January through August 2000). If Joel failed to pay the rent for the month of August 2000, is Paul liable for the unpaid rent? Why or why not? Assuming now that Joel is not in arrears on the rent as of July and August 2000, would he (Joel) have the right to renew the lease under its renewal term? Discuss.

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Definitions:

Natural Gas

A fossil fuel composed mainly of methane, used as an energy source for heating, cooking, and electricity generation.

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The speed at which goods and services are consumed or used up, often reflecting the economic activity level.

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