Mississippi Express Covenants

State:
Multi-State
Control #:
US-OG-792
Format:
Word; 
Rich Text
Instant download

Description

This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.

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FAQ

The implied covenant is a tool of contract interpretation meant to ensure that the parties' reasonable expectations are fulfilled. The implied covenant prevents a party to a contract from violating the ?spirit? of the contract, even if the contract does not expressly prohibit the party's actions.

Implied covenants differ from express covenants in that they are not formally written and recorded in the county records. Implied covenants arise through the actions, promises and statements of a land developer, coupled with the reasonable expectations of the purchasers of such land.

Express and most implied contracts require mutual agreement and a meeting of the minds. However, an express contract is formally arranged through an oral or written agreement. An implied contract is formed by circumstances or the actions of parties.

An 'express' term is a term of the contract between you and the other party, which is clear, unambiguous and agreed upon. It's usually in writing but it can be verbal if the contract itself is verbal. An 'implied' term is one that a court has implied into a contract because it has not been expressly included.

7] Offer may be Expressed or Implied An offer which is made via words, whether such words are written or spoken (oral contract) we call it an express contract. And when an offer is made through the conduct and the actions of the offeror it is an implied contract.

Alexander recognized three implied covenants that lessees are bound by: (1) the implied covenant to develop the premises, (2) the implied covenant to protect the leasehold, and (3) the implied covenant to manage and administer the lease.

An express contract and a contract-implied-in-fact both require mutual assent and a meeting of the minds. However, an express contract is proved by an actual agreement (either written or oral), and a contract-implied-in-fact is proved by circumstances and the conduct of the parties.

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Mississippi Express Covenants