What Is The True Definition Of Agreement In Business Partnership

An agreement is an agreement between two or more parties. It is the result of a negotiation that is done when the parties concerned  a common position on a particular topic.It may be established by private companies, professional organizations or governments.

This is a term with which almost every householder at some time or other has something to do. It is usual,on taking a house for a term of years,where the lease is a repairing one, to agree for a lease to be granted on completion of repairs according to specification, or otherwise.

What Is The Role And Importance of Agreement In Our Daily Life

This agreement should contain the names and designation of the parties, a description of the property, and the term of the intended lease, and all the covenants which are to be inserted, as no verbal evidence can be given to controvert a written agreement. It should also declare that the instrument is an agreement for a lease, and not the lease itself.

The points to be settled in such an agreement are, the rent, the term, and especially covenants for insuring and rebuilding in the event of a fire; and if it is intended that the lessor’s consent is to be obtained before assigning or under leasing, a covenant to that effect is required in the agreement.

In building-leases, usually granted for 99 years,the tenant is to insure the property;and even where the agreement is silent on that point, the law decides it so. It is otherwise with ordinary tenements,when the tenant pays a full, or what the law terms rack-rent; the landlord is then to insure, unless it is otherwise arranged by‘the agreement or lease.

It Is important for lessee, and lessor also, that the latter does not exceed his powers: A lease granted by a tenant for life before he is properly in possession, void in law; for,’although a court of equity will, “ by force of its own jurisdiction, support a bond-fide lease, granted under a power which is merely erroneous in form or ceremonies.

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