New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Which of the following is valid consideration in a

    Lease of immovable property:
    A Price paid or promised. Correct Answer Incorrect Answer
    B Premium Correct Answer Incorrect Answer
    C Money or any other thing of value rendered periodically or on special occasions as rent Correct Answer Incorrect Answer
    D B and C Correct Answer Incorrect Answer
    E A, B and C. Correct Answer Incorrect Answer

    Solution

    S. 105. Lease defined.— A lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.   Lessor, lessee, premium and rent defined .—The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent.  

    Practice Next