On expiration of a lease, a tenant who remains in possession of a property without an agreement or acceptance of rent by the landlord for the extended occupancy becomes a:
a. holdover tenant.
b. equity purchaser.
c. subtenant.
d. successor tenant.
Answer: a. holdover tenant.
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Which of the following defines a remainder as a form of future interest?
A) It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate. B) It is a right of possession that returns to a third party upon the expiration of a limited or contingent estate. C) It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation. D) It is a form of concurrent possession that includes the right of survivorship.
Maury Slater and Harry Katz operate a clothing store, Maury's Fifth Avenue, as a partnership. They agree that Maury will concentrate on sales and Harry will deal with the wholesalers
Harry tells all his suppliers not to listen to Maury if he should call. While Harry is in Florida for a two week vacation and Maury is minding the store, Joe Feller, the sales representative for Regency Clothes, one of their major suppliers, pays a visit. He leaves with an order for 200 suites, when Harry returns, he tells Joe he won't pay for them. Can Regency sue Fifth Avenue? A) Yes. The indoor management rule applies. B) Yes. Maury had apparent authority to place orders for the partnership C) No. Regency was aware that Maury did not have authority to make orders. D) No. The indoor management rule applies only to corporations. E) Both A and B