The Term of a Ground Lease Cannot Be Specified

question 41

True/False

The term of a ground lease cannot be specified.

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Definitions:

Fair Market Value

The price a willing buyer would pay a willing seller for property in an open and competitive market, where both parties have reasonable knowledge of the relevant facts.

Contract Validity

The legal enforceability of a contract, requiring it to meet certain established criteria like mutual consent, consideration, and legality of purpose.

Geographical Restriction

Limitations placed upon the area or region in which a business can operate or where products and services can be sold.

Restraint of Trade

Legal agreements or policies that restrict or limit competition or the freedom to conduct business in a certain market.