Contract agreement

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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 UAE’s 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).

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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,

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