The Definition of a Business May Change a Number of Times

question 5

True/False

The definition of a business may change a number of times during the writing of a business plan.

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Definitions:

Waste

Permanent and substantial injury to a landlord's property.

Legal Liability

The responsibility of an individual or entity for actions or omissions that result in harm or loss to another party, subject to legal sanctions.

Assignment

(1) A contracting party’s (an assignor’s) transfer of his or her rights to the contract to a third party (an assignee). (2) A transfer of a tenant’s entire interest in a leased property.

Covenant of Quiet Enjoyment

A lease promise that the tenant will have peaceful and undisturbed use of the property, without interference from the landlord or others with superior title.