Drake Industries has been leasing warehouse space at 2700 North Bosworth Avenue in Louisville, Kentucky, from the
Question:
Drake Industries has been leasing warehouse space at 2700 North Bosworth Avenue in Louisville, Kentucky, from the owner of the building, Michael Martin. Drake began leasing space from Martin on June 1, 2021, at $4000.00 per month, until the lease expired on July 1, 2022.
Martin offered a new lease to Drake on August 1, 2022, to be signed and returned by September 1, 2022. The new lease was to begin October 1, 2022, and end on November 1, 2023. The rent in the new lease increased to $6000.00 per month payable on the first day of each month.
Drake never signed and never returned the new lease, but did pay the increased rent amount beginning August 1, 2022, and continuing on the first day of each month thereafter until October 2022. No rent was paid in October. On October 15, 2022, in a phone conversation, Martin demanded that Drake vacate the premises no later than October 20, 2022. Drake came to your law firm to find out what type of tenancy was in place and whether Martin gave Drake the proper notice to surrender possession of the premises.
Based only on the law provided, who is likely to win a legal dispute over Drake's right to continue to occupy the premises? Explain in detail using the "IRAC" method of legal argument development.
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw