Contract agreement - Free Essay Example

Sample details Pages: 4 Words: 1231 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Narrative essay Tags: Contract Law Essay Did you like this example? Introduction A contract is an agreement between the two or more parties in which an offer is made and accepted for the mutual benefit. In this report we will take a real life contract agreement and would familiarize ourselves with legal issues involved. Well will study and explain the terminologies involved in a Lease Agreement in this report. The legal outcome is to understand what a contractual agreement is and what are legal terms and implications in particularly UAEs laws interpretation. Discussion key element and general definition In this main section of the report would take out key legal terms form the agreement, lease Agreement, and explain each briefly. We would use contract based definition of the terms and would also take help from Wikipedia dictionary (Wikimedia Inc, 2009), Dictionary (Dictionary.com, 2009), and US, Lectric Law Library (LECTRIC LAW LIBRARY, 2005). Don’t waste time! Our writers will create an original "Contract agreement" essay for you Create order Agreement Title It is simple and one sentence statement mentioning leasing company or owner name and duration of contract reached. Agreement Statement It is simple and generally one sentence statement about the agreeing parties with date and names mentioned. Witnesses He is a person who generally comes in court or under written statement swears under oath to give truthful evidence about soundness of agreement parties. The agreement usually explain both Witnesses Third person involved in the agreement, a simple present form of witness. Landlord This is the owner and possessive of the property to be leased and referred in the contract agreement. Premises This is the property to be leased by the landlord and handed over to the second party involved. Tenant It is who pays fees or charges in return of using the land, property, building owned by others. Covenants It is third person, singular simple present indicative representation of covenant. Obligations It is terms and condition comes after one binds itself by social, legal or moral tie, here we refer it lease agreement and its bindings both on landlord and tenant. Receipt Any proof of receiving or having been received some property or payment. Appurtenances The equipment used for specific task or purpose Rent Payment made by the tenant at some interval in order to occupy or use landlord property. Reservation The act of reserving, leasing or withholding or keeping back Deposit As per agreement it is asset that was left to the care of the other, i.e., tenant or renter. Termination of This Agreement The condition upon which execution the agreement may be considered void, like end of term of agreement or volition of it. Utilities Plural of utility, the state of being useful like land lord property over the time. Use of Premises The privileges granted to the tenant after agreement is done. Written Consent This is willingness of he Landlord in written statement. Quasi-Governmental Authorities It is an organization, corporation, business or agency that is treated by national laws and regulations to be under the government guidance or protection, but also separate from the government. They may receive charges for their services as they are government private ventures. Maintenance and Repair This term in the agreement is put forth the responsibility of tenant to maintain the premises in good condition and do repair if needed or thought necessary. Sanitary Condition This is condition of the premises that is ensured as hygienic means of promoting health through the prevention of human contact with the hazards of the wastes. This is made the responsibility of tenant after premises is handed over. Agents Here it refers to Landlords servant or subordinates that could visit or inspect the condition of the premises. Mortgages It is the transfer of the interest in property to a lender as a security of the debt, a loan, while mortgage itself is not debt. Liens In general it is a form of security interest granted over an item or property to secure the payment of the debt or performance of an obligation. Cumbrances The Burdon or trouble in case of damage Tenants Hold Over This is official taking over of the premises for occupation and use of it after legal agreement. Eviction Proceedings In general legal terms, eviction is the removal of the tenant from the rental or leased property by the landlord. The proceedings follow the step as in agreement to be taken to evacuate it. Surrender of Premises It is the handing over the premises by the tenant to the landlord after the termination or expiry of the agreement. Commencement This is an act of commencing or beginning of start or end of a legal contract and steps afterward to ensure it. Indemnification As per laid down in the agreement in case of legal dispute, Landlord shall not be liable for any damage or injury of or to the Tenant, Tenants employees, agents, or consumers or to any person entering the Premises or the building of which the Premises are a part or to goods or equipment, or in the structure or equipment of the structure of which the Premises are a part, and Tenant hereby agrees to indemnify, defend and hold Landlord harmless from any and all claims or assertions of every kind and nature. Attorneys Fees In case of Landlord employs an attorney to enforce any conditions or covenants hereof, including the collection of rentals or gaining possession of the Premises, the expenditure shell be the responsibility of the tenant, including a reasonable attorneys fee. Governing Law This Agreement as per spirit and agreement in the leasing contract, be governed, construed and interpreted by, through and under the Laws of Dubai. Severability If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. Binding Effect The covenants, obligations and conditions herein contained shall be binding on and inure to the benefit of the heirs, legal representatives, and assigns of the parties hereto. Descriptive Headings For the above key term mentioned in the agreement writing, the headings used herein are for convenience of reference only and they are not intended to have any affect whatsoever in determining the rights or obligations of the Landlord or Tenant. Construction This key term refers about the references made like pronouns used herein shall include, where appropriate, either gender or both, singular and plural. Notice For the steps taken by Landlord for protecting, serving, inspecting, and vacating the premises, a prior notice should be served. As agreement says, Any notice required or permitted under this Lease or under Dubai law shall be deemed sufficiently given or served if sent by Authorities certified mail, return receipt requested, addressed as follows: Conclusion As an objective outcome of the above exercis, we have learned what a contract is, what the body of it and key legal terms and conditions associated with it. In this report we understood the Lease Contract agreement, how it is written and what its legal and social binding on Tenant and Landlord as per UAEs government regulations. Reference List Dictionary.com (2009). Welcome to Dictionary.com. https://dictionary.reference.com/ [On-line]. LECTRIC LAW LIBRARY (2005). Welcome to LECTRIC LAW LIBRARY. https://www.lectlaw.com/d-w.htm [On-line]. Wikimedia Inc (2009). Wiktionary, the free dictionary. https://en.wiktionary.org/wiki/Wiktionary:Main_Page [On-line].