Week+03+-+In-class+assignment
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Santa Ana College *
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424
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Law
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Feb 20, 2024
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docx
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Uploaded by DeanRam15514
CE 424/525 – Contracts and Specs
Week 3 – In-class assignment – Contract Elements
Names: Moises Salgado & Nathan Garcia
For the copy of the lease contract available on Canvas, please answer the following questions:
1.
What is offered by the person/organization that prepared the contract? (1 pts)
The organization is offering a place for a tenant to live.
2.
What person or organization is offering to make a contract? (1 pts)
The organization offering to make the contract is Sterling Management Group Inc.
3.
Who or what organization would commonly accept the contract being offered? (1 pts)
Because the unit is in Corvallis and is a single family/condo/multiplex, it would be fair to assume a
student at OSU would live there with their family or roommates.
4.
How is acceptance of the contract executed (i.e., what must the person accepting the contract do to indicate that they would like to enter it)? (1 pts)
The acceptance of a contract is executed by a formal process. This formal process includes a revision of the terms, lease dates, rent charges, etc. After both parties have reached a common understanding they will then proceed to sign the contract.
5.
When accepting the contract, what must be given at the time of acceptance to the person/organization making the offer? (1 pts)
The signed contract must be presented to the organization at the time of acceptance. There is also a
security deposit that would be due at this time and the first rent payment.
6.
What payments are made as part of the contract? (1 pts)
There is a total deposit charge of $3,044.93. This includes the first rent payment as well as the total
deposits charged. 7.
What are the consequences of early termination? (1 points)
Fees may be applied, including a financial responsibility to pay through the term of the lease.
8.
What is included in the special provisions? (1 pts)
1
CE 424/525 – Contracts and Specs
Week 3 – In-class assignment – Contract Elements
There is a written statement regarding the Lease Agreement that details the responsibilities that are
included by signing and returning the contract, including the responsibility of paying rent through the term. There is also a statement regarding animals that are allowed in the unit.
9.
Referring to the elements of a contract (meeting of the minds), how would you describe this type of contract? (1 pts)
This type of contract would be considered an expressed contract because it outlines the start and end date of the lease, rent payment, fees, etc. the characteristics allow both the tenant and the landlord to reach a common understanding for the agreement. The terms of “Meeting of the Minds” are met because the contract is presented to both the organization (promiser) and the signee (promisee) with both a bilateral commitment to one another.
10. How would you change the contract to balance the risk for both parties better? Give specific examples of what to change and how you would change them. (1 pts)
Unfortunately for renters, there is not a lot of balance when it comes to the risk in agreements such
as this. However, one thing that could be added is a clause that ensures that everything in the unit works as needed for living, including financial restitution for the tenant per day if living requirements are not met. For example, if the heat where to go out during the winter this clause would ensure that the owner would fix the problem in a timely manner and pay the tenant for the time living without heat.
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