The best Example of Rental Agreement

An example of a contract that I know is a rental agreement which is an agreement between the tenant and a property owner. This agreement included some details such as (RENT, 2017):

The property that describes in this agreement as a condominium along with the address

Names of the tenants and the property owner

The terms that describe the consequences such as;

If the tenant will move from the location earlier than the period agreed in the contract, then the tenant is responsible for paying a complete amount of rent.

Each party must give a written note to terminate the agreement minimum 30 days earlier than the termination date.

The rent amount and the date when the tenant should pay for the rent

The deposit amount

The late fee along with its consequences

Termination date

The rights and responsibilities of the tenant such as:

Maintain the condominium in an excellent condition just the same as the first condition

Repair any damage on the condominium

Clean up the garbage properly

The rights and responsibilities of the owner such as:

The owner must pay the janitorial services, utility, as well as other costs related to the condominium for the first year of the agreement

The signatures of both the owner and the tenant

Five Essential Elements within an Enforceable Contract

In an enforceable contract, there are five essential elements which created the agreement to be a valid one (Cross & Miller, 2011). Those five essential elements are as mentioned below.

An offer describes as what exactly a party agrees to do when they sign up an agreement. In a rental agreement above, an offer describes as the owner who offers his condominium to the tenant for a specific price. The condominium indicated through the address mentioned in the agreement, and the price of rent also written clearly as well.

Acceptance is when the party who receives the offer agrees to the terms and condition of the offer. In the rental agreement above, an acceptance describes as a tenant who receives the offer from the owner to rent his condominium.

Consideration could be described as the thing that the party will give the payment to complete the agreement. In the rental agreement, the consideration defines as the condominium which the tenant will give the payment for, to the owner.

The capacity defines as the capacity matters of both parties in completing the agreement such as age, as well as health and mental condition, which will impact on how the parties will able to complete their responsibilities mentioned in the agreement. In the rental agreement above, the capacity defines as the capacity of both tenant and owner in completing their responsibilities which mentioned in the agreement.

The legality describes as the entire terms in the agreement should obey the rules and laws in the country where the agreement conducts. In the rental agreement above, the legality is related to the rules that apply in the country where the condominium is located.

Breaches of Rental Agreement

There are some circumstances in which a breach might occur within a rental agreement. However, the breaches of rental agreement could come not only from a tenant, but from the owner as well (Stewart, Warner, & Portman, 2015).

Some breaches that might arrive from the tenant are:

Fail to give the rental payment in time and a complete amount

Living with more than the maximum number of residents in the condominium

Changing the structure of condominium without any permission from the owner

Using the condominium as a business workplace without any permission from the owner

On the other hand, some breaches that might arrive from the owner are:

Not giving the payment for the janitorial services, utility, as well as other costs which agreed in the rental agreement

The owner could take different respond to the breach, which totally depends on which level that the breach of contract was conducted, or what are the straight significance of the breach. In a number of rental agreements, the owner might specify that the tenant will have to pay some amount of fine if any breach happens. On the other hand, if the owner attempts to apply a fine without clearly written previously within the rental agreement, then the tenant could also take a protest against it.

Possible Remedies for the Breaches

The owner frequently makes the rental agreement with countless promises, terms and conditions for the tenant. Even though some of these are negotiable, but a breach could always appear in some circumstances. The possible remedies for the breaches are provided for both the owner and the tenant (Scherer & Fisher, 2015).

Some possible remedies to the owner are mentioned such as:

Termination

The termination from the owner due to the fault of the tenant will free the tenant from the obligations to pay the rent.

Security Deposit

The owner in the case could use the security deposit from the tenant if the tenant fails to pay the rent.

Eviction

Eviction defines as a legal perform from the owner to eject the tenant from the condominium.

On the other hand, some possible remedies to the tenant are mentioned such as:

The cure rights of a tenant

A tenant could get a response to the fault of the owner which depends on whether the rental agreement is dependent or independent. If the responsibilities are dependent, then the tenant does not have to outlook by the terms (like the rental payment) until the owner preserves any faults. On the other hand, if the responsibilities are independent, then the tenant can endure to outlook by the terms in the rent agreement, but might also pursue compensations in a law court

References of Rental Agreement

Cross, F. B., & Miller, R. L. (2011). The Legal Environment of Business: Text and Cases: Ethical, Regulatory, Global, and Corporate Issues. Cengage Learning.

RENT, B. (2017). For Rent.

Scherer, A., & Fisher, F. A. (2015). Residential Landlord-Tenant Law in New York.

Stewart, M., Warner, R., & Portman, J. (2015). Leases & Rental Agreements. Nolo.