S&V Liquor, Inc., leased retail space from the Charles Downey Family Limited Partnership for a five-year term

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S&V Liquor, Inc., leased retail space from the Charles Downey Family Limited Partnership for a five-year term for $3,333.33 per month. Four months before the end of the term, Downey offered to renew the lease at a new rate of $9,167.67 per month. S&V did not respond. Five days before the lease expired, S&V told Downey that it would remain as a tenant for six months and then move out. Which monthly rental rate should apply? Explain. [Charles Downey Family Limited Partnership v. S&V Liquor, Inc., 880 N.E.2d 322 (Ind.App. 2008)]

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Business Law Text and Exercises

ISBN: 978-1305509603

8th edition

Authors: Roger LeRoy Miller, William E. Hollowell

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