Chapter XVIII - Contracts Leases Guarantees Page 02

AS TO REPAIRS

In some states the law compels the landlord to keep the premises in habitable repair, but this does not seem to be the rule. It should be decided, where there is doubt, before signing the lease.

Where it is agreed that the landlord shall keep the premises in repair, and, after due notice of the fact, he fails to do so, the tenant may himself make the repairs and deduct the amount from the rent.

SUBLETTING

If there is no contract to the contrary, the tenant may sublet the whole or any part of the premises, but this does not release him from liability for rent.

If the tenant fails to leave the property when his lease has expired, the owner may make his demand through what is known as a "notice to quit," which must be served on the tenant in person.

WHAT IS A GUARANTY?

A guaranty is sometimes required to insure the payment of rent.

Plainly, a guaranty is an agreement to assume, under certain conditions, the liabilities of another.

If a man makes a contract, a lease, or a note, and his personal resources are not deemed sufficient to secure his performance of the things agreed to, the other may require that some one, in whom he has more faith, shall give him a guaranty, or personal security in writing.

The following might be used as the form for a guaranty for a lease, contract, note or other obligation of contract:

"For value received, I hereby guarantee the payment of the within lease (bond or contract). George L. Roberts." Short Hills, N. J. October 1, 1910.

A BILL OF SALE

This is a written agreement by which one person transfers to another his interest in certain personal property.

The law lays down no rule as to the form.

A bill of sale usually passes where the property paid for is not immediately removed from the possession of the seller.

This form would answer in any state:

"Bridgeport, Conn., Aug. 2, 1910. "I have this day sold to Calvin E. Platt, of New Haven, in this state, my team of bay horses, with their harness, one family carriage, and a two-seated cutter. "Thomas P. Fletcher."

Be sure, where the bill of sale includes many articles, to name every one of them in the bill.

If paid for, whether by cash or a note, be sure to get a receipt for the same.

OBLIGATIONS

A bond is a form of obligation.

Every enforcible bond must be in writing and under seal.

The maker of a bond by the act acknowledges a liability in the form of a debt or a duty.

The maker of a bond is the "obligor."

The party to whom it is made is the "obligee."

The bond names the liability or indebtedness; then follows the condition wherein it is stated the particular thing that the obligor is to do, or not to do.

The penalty for the non-compliance with a bond is twice the amount of the money involved.

It is often required that the bond shall be further guaranteed by one or more sureties. These sureties may be required to certify that they are worth a certain sum, free and clear of all indebtedness.

Persons holding positions of financial trust, whether public or private, may be, and most of them are, required to furnish bonds for the faithful performance of their duties.

In the larger cities there are casualty and liability companies, which, for a fixed or annual consideration, act as sponsors on official and other forms of bond.

Where there are no such companies, as those just named, then private citizens of known responsibility must be secured to go on the bond.

In every case the amount of the bond or security is measured by the responsibilities of the man from whom it is required.

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