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Consideration- The consideration for lease is either premium or rent, which is the price paid or promised in consideration of the demise. The premium is the consideration paid of being let in possession, such as Salami, even if it is to be paid in installments.

3 An essential characteristic of a lease is that the tenant has exclusive possession, and may exclude everyone, even the landlord.

To be enforceable, a contract must meet certain legal criteria (i.e. it must have an ?offer,? ?acceptance,? and ?consideration?; each of these terms has a specific legal definition). In almost all cases, you should consult a lawyer to ensure that you have a legally binding lease.

Definition of contracts of lease A contract of lease refers to a contract whereby the lessor delivers the leased property to the lessee for the latter's use or obtains proceeds through the use, and the lessee pays rent.

It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange. Both the lessee and the lessor face consequences if they fail to uphold the terms of the contract.

At a minimum, a commercial lease will have four essential terms: the parties; the premises; the rent payable; and the term.

Here's a list of common fields that should be covered in your lease agreement: Basic information about all tenants. Include the full name and contact information of each tenant. ... Description of rental property. ... Security deposit. ... Monthly rent amount. ... Utilities. ... Lease term. ... Policies. ... Late fees.