The Legal Requirements And Current Status Of Mr. Massey 's Lease Agreement
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Upon researching the legal requirements and current status of Mr. William Massey’s lease agreement with YourTeamNameHere!.com, Inc. (YTNH) when Mr. Kelly Bennett acted on behalf of YTNH, as an authorized agent, in the acquisition of the property located at 1831 Storybook Road, Charlotte, North Carolina. The assessment of the contract’s validity will be completed through the following enumerated points: (1) whether the lease is required to be in writing, (2) what must the lease contain to be valid, and (3) whether the parties existing writings satisfy the legal requirements of North Carolina.
All land leases must be in writing if the term exceeds the duration of three years as Mr. Massey’s lease is for a term of six years,…show more content… N.C. Gen. Stat. § 25-2-201; Purchase Nursery, Inc. v. Edgerton, 568 S.E.2d 904-05 (N.C. Ct. App. 2002). The writing need not be physically connected if the writings contain all four of the essential elements of a contract to convey or lease land signed by the party to be charged or authorized agent then there can be a binding contract to convey land. N.C. Gen. Stat. § 22-2; Howlett v. CSB, LLC., 596 S.E.2d 899, 905 (N.C. Ct. App. 2004). Satisfaction of the first element requires the identity of the parties to be bound. Purchase Nursery, Inc., 568 S.E.2d at 907. Here, Mr. Massey as the landowner with YTNH (represented by Mr. Bennett) as the tenant of the property. A description of the land to be leased must be specially described. Id. Here, the property is described as being a 10,000 square foot warehouse located at 1831 Storybook Road in Charlotte, North Carolina. A statement of the terms of the lease to the property must be present. Id. In these facts, YTNH and Mr. Massey agreed to five years of rental with the first year at a rate of four dollars per square foot, and the years thereafter, at an annual rental rate that would automatically change in accordance with the Consumer Price Index for the South Urban region. There must be rental or other consideration to be paid. Id. at 908. As previously stated, YTNH and Mr. Massey agreed to five years