The lease is commercial. The name on the lease is that of a partner of the company that has died. The company name is not on the lease. Is the lease still valid/enforcable?
Any help is appreciated.
2007-02-13 01:51:01 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If a party to the lease dies (meaning one individual as lessor and/or one individual as lessee), then the contract is void. Since the named party did not attach the company to the lease, there is nobody to continue his/her contractual obligation. That is why the first paragraph of the lease identifies all parties involved.
2007-02-13 02:08:23 · answer #1 · answered by somatek 2 · 0⤊ 0⤋
Typically, contractual obligations end with the death of one or both of the parties unless there is a provision in the contract that the obligation will be assumed by the estate of the deceased or his/her beneficiaries. Usually with lease, however, if one or both die, then the lease becomes void.
2007-02-13 13:13:01 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
Contracts become unenforceable and voidable when an act of God destroys the subject matter, when an act of law creates the unenforceability, contracts with minors and when one or both of the principals to the contract die. Contracts become void when it is against the law to enter into it.
Buena Suerte
2007-02-13 10:57:50 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋