EXECUTIVE SUMMARY
According to Wikipedia, “Commercial law (sometimes known as business law) is the body of law which governs business and commerce. It is often considered to be a branch of civil law and deals both with issues of private law and public law. Commercial law regulates corporate contracts, hiring practices, and the manufacture and sales of consumer goods.”
The Law is a system of rules usually enforced through a set of institutions. It affects politics, economics and society in numerous ways. Contract law regulates everything from buying a bus ticket to trading swaptions on a derivatives market. Property law defines rights and obligations related to transfer and title of personal and real property, for instance, in home loans (bonds) or renting a home.
As members of a society we need a set of laws which defines our rights and duties, a society cannot function effectively and efficiently without a set of rules governing human behaviour.
TABLE OF CONTENTS
EXECUTIVE SUMMARY 1
TABLE OF CONTENTS 2
INTRODUCTION 3
QUESTION ONE 4
QUESTION TWO 6
QUESTION THREE 8
QUESTION FOUR 10
QUESTION FIVE 12
The following are essential elements in a contract of lease: 12
Specified immovable property 12
Specific period 13
Express Renewal 13
Tacit Renewal 13
Specified Rental 14
The Formation of the Contract of Lease 14
Duties of the Landlord 14
Timeous delivery of the leases property 14
Warranty against interference 15
Maintenance 15
Damage to property of tenant 15
Special terms 15
The Duties of the Tenant 15
Payment of the rent 15
No misuse of the property 16
Return the property undamaged 16
Specific pe ...