A 'bailment' is defined as a non-ownership transfer of possession. Under English common law, the right to possess a thing is separate and distinct from owning the thing. Interestingly, as a result of this distinction, in some jurisdictions,...
landlord & tenant
buyout agreement
Buyout agreement (also known as a buy-sell agreement) refers to a contract that gives rights to at least one party of the contract to buy the share, assets, or rights of another party given a specific event. These agreements can arise in a...
cleaning fee
A cleaning fee is a nonrefundable fee charged by a landlord when a tenant moves in. The landlord uses this fee to clean the rental premises after the tenant moves out, regardless of whether the tenant left the place dirty or not. While most...
commercial frustration
Commercial frustration (also referred to as frustration of purpose or sometimes as impracticability) is an excuse for breaking a contract when an unforeseeable event occurs after making the contract. Contrasting with impossibility which...
common area
A common area is some shared space or amenity between unit owners or shareholders of a common interest development (CID). In housing CIDs, common areas can include things such as yard space, a basketball court, pool, laundry room, or a mail...
constructive
Constructive means something is legally declared, even if not technically true in a given case. Lawmakers and judges can decide to make things constructively true so that the intent of the laws cannot be easily thwarted by a loophole or lack...
constructive eviction
Constructive evictions occur when a landlord does not physically or legally evict a tenant but takes actions that interfere with the tenant's use and enjoyment of the premises significantly enough to constitute “eviction in fact.” The...
Consumer Leasing Act
The Consumer Leasing Act (CLA) was enacted in 1976 as part of the Truth in Lending Act (TILA) to protect lessees from unclear or deceiving statements and advertisements by lessors. The CLA applies only to leases for personal purposes that are...
contract
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and...
cosign
When a person cosigns, they sign a document with the primary borrower, agreeing to share the responsibility of a financial obligation. Should the primary borrower not be able to pay for the good, the cosigner will be responsible for paying...