Question

Scenario 1: Contracts

Find a contract, such as one you have signed, obtained from a business or friend or one you find online. Suggestions include:

• Rental Contracts
• Mortgages
• Sale or Lease of Automobiles
• Student Loan
• Employer Non-Compete
• Confidentiality/Nondisclosure Agreement
• Cell Phone
• Terms & Conditions for use of Internet website.

Identify and explain the four elements of agreement, consideration, capacity and legality. Is the contract missing any elements? Summarize the arbitration clause, if present.   

Answer 1

answer-

There is rental lease agreement that i find online-

The four elements that are present in the agreement are-

Offer is the first element. Under contract law, Offer is a promise made by one party to another to enter into the contract so that they can create legally binding agreement as soon as it is accepted by the person to whom it is addressed.In this lease agreement, The Landlord offer to lease his property to Renter.

Acceptance is the second element which state that renter to whom the promise to lease the contract made will accept the offer by filling information and sign the contract.

for example- if I sign this contract i find online then i accept this agreement.

Consideration is the third element which state the price involved in the agreement. In this agreement, Renter has to pay rent in the amount of $X,XXX.00 on or before the first day of every month to the landlord.

Legality element means the contract made is legal and does not violate any law or made to do any illegal act. The agreement has this agreement which is formed based on state law and formed to lease the property for rent.

There is capacity element missing which means there should be clause which state that agreement should be made for person above 18 or above legal age.This should be added to the agreement.

There is surely arbitration clause or dispute resolution clause which state if dispute arise then it should be interpretated and settled in court of the state.

Note- dear student, asking questions or posting question to search or online violated policy but still answer this for your help. Have a good day. Thank you.

This Rental Agreement (“Agreement”) is being made between [Renter Name(s)] (“Renter(s)”) and [Landlord Name] (“Landlord”). [Renter Name(s)] and [Landlord Name] may also be referred to as “Party” or together as the “Parties”.

IN CONSIDERATION OF the Renter(s) agreeing to pay to lease the property owned by the Landlord, and the Landlord agreeing to lease their property to the Renter(s), the Parties agree to the following:

1.  Premises and Occupancy

a.  Premises. The property subject to this Agreement (“Premises”) is located at:

[Building Name, Apartment Number] [Street Address]

[Unit Number]

[City, State, Zip Code]

b.  Occupancy.  The Renter(s) may begin occupying the Premises on [Month DD, 20YY].  

i.  People.  Occupancy of the Premises is limited to the Renter(s) named in this Agreement. Guests of the Renter(s) are welcome to stay at the Premises for a period of time not to exceed [number] (#) days.

ii.  Pets.  The following pets are permitted to stay on the Premises:

Name	Breed	Weight	Age
[Insert Pet Info]
[Insert Pet Info]	iii.

2.  Costs and Payment

a.  Monthly Rent.  The Renter(s) agree to pay the Landlord rent in the amount of $X,XXX.00 to be paid on or before the first day of every month. The first rent payment is due on [Month DD, 20YY].

b.  Method of Payment.  The rent payment must be made by cash/check/electronic payment via PayPal/Venmo. Checks must be made out to: [Insert Name].

c.  Late Fees. Payments made more than twenty-four (24) hours after the due date are subject to a $25.00 late fee. A bounced check will be treated as non-payment.

d.  Security Deposit.  The Renter(s) will pay the Landlord a security deposit of $[XXX.00] (“Security Deposit”) prior to taking occupancy of the Premises to cover the cost of damages and cleaning. If the Premises are returned in the same condition as they were in when the Renter(s) moved in, reasonable wear and tear expected, the Landlord will refund the Security Deposit to the Renter(s). The Landlord agrees to refund the Security Deposit, or any remaining balance of the Security Deposit, within thirty (30) days following termination of this Agreement. The Landlord reserves the right to apply the Security Deposit any unpaid rent that may be owed. By signing this Agreement, the Landlord acknowledges receipt of the Security Deposit.

e.  Pet Deposit.  The Renter(s) will pay the Landlord a pet deposit of $[XXX.00] (“Pet Deposit”). The Pet Deposit is non-refundable.

f.  Utilities. Renter(s) are responsible for paying all utilities or other charges associated with occupying the Premises beginning on the date the Renter(s) may begin occupying the Premises per Section 1(b) until termination of this Agreement.

3.   Term and Termination

[Option One] This Agreement will become effective upon signing and will remain in effect for a period of one (1) year (“Initial Term”). After the Initial Term, this Agreement will continue on a month-to-month basis. Either Party may terminate this Agreement at any time after the Initial Term by providing the other Party with a sixty (60) day written notice of termination. The Renter(s) must move out of the Premises with their belongings by 11:59 PM on the last day of the notice of termination period.

[Option Two] This Agreement will become effective upon signing and will continue on a year-to-year basis until termination. Either Party may terminate this Agreement by providing the other Party with a sixty (60) day written notice of termination. The Renter(s) must move out of the Premises with their belongings by 11:59 PM on the last day of the notice of termination period.

During the last sixty (60) days of this Agreement, the Landlord may display a “For Sale” or “For Rent” sign at the Premises.

4.  Right to Enter

The Landlord may enter the Premises to inspect, make repairs, or show the Premises to potential renters by providing the Renter(s) with a twenty-four (24) hour notice to be made by phone or email per Section 8. The Landlord may make any alterations or repairs to the Premises as they deem necessary.

5.  Alterations

The Renter(s) may not paint, wallpaper, redecorate, or change the locks or other hardware at the Premises without written permission from the Landlord.

6.  Dispute Resolution

a.  Legal Action and Choice of Law: If legal action is necessary, this Agreement will be interpreted based on the laws of the State of [State], regardless of any conflict of law issues that may arise. The Parties agree the legal action will be resolved in the State of [State].

b.  Attorney’s Fees: The prevailing party will be able to recover its attorney’s fees and other reasonable costs for a dispute resolved by legal action.

7.  General

a.  Assignment. The Parties may not assign the responsibilities they have under this Agreement to anyone else.

b.  Attachments.  All attachments are expressly incorporated as an integral part of this Agreement.

c.  Complete Contract. This Agreement constitutes the Parties’ entire understanding of their rights and obligations. This Agreement supersedes any other written or verbal communications between the Parties. Any subsequent changes to this Agreement must be made in writing and signed by the Parties.

d.  Insurance.  The Renter(s) must carry renter’s insurance that meets or exceeds the minimum standards required by law.

e.  Joint Responsibility.  The Renter(s) are jointly and severally responsible for all obligations of this Agreement.

f.  Severability. If any section of this Agreement is found to be invalid, illegal, or unenforceable, the rest of this Agreement will still be enforceable.

g.  Waiver. Neither Party can waive any provision of this Agreement, or any rights or obligations under this Agreement, unless agreed to in writing.   If any provision, right, or obligation is waived, it’s only waived to the extent agreed to in writing.

8.  Notices

All notices pursuant to this Agreement must be sent either by email with read receipt requested, or certified or registered United States Postal Service mail with confirmation of receipt requested to the following:

[Renter(s) Name(s)]	[Landlord Name]
[First Name Last Name]	[First Name Last Name]
[Street Address]	[Street Address]
[City, State, Zip Code] [Phone]	[City, State, Zip Code] [Phone]
[Email Address]	[Email Address]

[The remainder of this page is intentionally left blank. Signature page follows.]

By signing below, the Parties acknowledge and agree to the terms of this Agreement. The Renter(s) acknowledge receipt of a copy of this Agreement.

[Renter Name]

Signed:       ___________________

Name: ___________________

Date:              ___________________

[Renter Name]

Signed:          ___________________

Name: ___________________

Date:              ___________________

[Landlord Name]

Signed:          ___________________

Name: ___________________

Date:              ___________________