Law and Your Profession You are a designer of children’s clothing and decide to

Question

Law and Your Profession

You are a designer of children’s clothing and decide to open a children’s clothing store. You find a nice space in a local mall and agree to sign a one-year lease agreement that runs from September 1 to August 31. The lease agreement specifies that the lease cannot be assigned without the mall’s consent. In late May, you decide that this space is not attracting enough customers, so you decide to assign the balance of your lease to Priscilla, who owns a candle shop. The mall objects to the assignment and denies Priscilla access to the space. You are certain that Priscilla is financially sound and should be allowed the full rights and privileges of an assignee. Discuss fully whether or not you or the mall is correct.

Justify your answer using information from your reading and be sure to discuss fully the elements of assignment.
Examine whether or not rights can be assigned if prohibited in a lease contract.
Analyze the distinctions between commercial assignments and residential assignments.

Explanation / Answer

Contracts are assigned where one of the contracting parties wishes to transfer its rights and obligations under a contract to a third party. The original contracting party has assigned all his rights and obligations under the contract, he would be released from all his obligations. Some contracts contain a specific assignment clauses others are silent on the subject.In this case the lease agreement specifies that the lease cannot be assigned without the mall's consent.The mall objects to the assignment and denies Priscilla access to the space. Priscila should be allowe the full rights and privileges of an assignee.Contracting parties wishes to transfer its rights.Commercial tenants continue to vacate leased space in record number. Some tenants make good faith efforts to transfer their leases to other business via assignment or sublease.When a tenant wants to end a lease agreement before it expires the landlord may request that they find another tenant to take over the lease. This is called a consent assignment of lease. A lease assignment where the currrent lessee(the person responsible for fulfilling the lease obligations) enters into a contract with a new party called the assignee.The assignee essentially agrees to take over the obligations and responsibilities of the original tenant under the original lease.

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