Question: Subletting is different from an assignment. 1. An assignment is a transfer of the whole of the remainder of the tenant's term to the assignee;

Subletting is different from an assignment.

1.

An assignment is a transfer of the whole of the remainder of the tenant's term to the assignee; so long as the assignee performs all its covenants, the tenant retains no further right or interest in the lease. A sublet or sublease is a transfer of only part of the tenant's term to the subtenant. If the term given to the subtenant expires just one day after the expiration of the main lease, the tenancy of the subtenant is created not by an assignment but by a sublease.

2.

A sublet or sublease is a transfer of the whole of the remainder of the tenant's term to the subletter; so long as the subletter performs all its covenants, the tenant retains no further right or interest in the lease. An assignment is a transfer of only part of the tenant's term to the assignee. If the term given to the assignee expires just one day after the expiration of the main lease, the tenancy of the assignee is created not by a sublet but by an assignment.

3.

A sublet or sublease is a transfer of the whole of the remainder of the tenant's term to the subletter; so long as the subletter performs all its covenants, the tenant retains no further right or interest in the lease. An assignment is a transfer of only part of the tenant's term to the assignee. If the term given to the assignee expires just one day before the expiration of the main lease, the tenancy of the assignee is created not by a sublet but by an assignment.

4.

A subletter is an overholding tenant.

5.

An assignment is a transfer of the whole of the remainder of the tenant's term to the assignee; so long as the assignee performs all its covenants, the tenant retains no further right or interest in the lease. A sublet or sublease is a transfer of only part of the tenant's term to the subtenant. If the term given to the subtenant expires just one day before the expiration of the main lease, the tenancy of the subtenant is created not by an assignment but by a sublease.

  1. The bank may require other forms of collateral security for bank loans. These may include

    1.

    a guarantee by a third party

    2.

    a chattel mortgage

    3.

    an assignment of book debts

    4.

    all of the above

    5.

    a real estate mortgage

  1. The Sale of Goods Act implies certain terms

    1.

    implied warranty that the buyer will have and enjoy quiet possession of the goods.

    2.

    implied condition that the goods will correspond with the description under which they are sold.

    3.

    implied condition that the seller has or will have a right to sell the goods.

    4.

    all of the above.

    5.

    implied condition that the goods will be of merchantable quality.

  1. An employer need not give notice when the employee is dismissed for cause. This includes

    1.

    incompetence

    2.

    disobedience

    3.

    misconduct

    4.

    all of the above.

    5.

    prolonged illness

Standard terms have evolved to describe the more common types of arrangements for shipment. The following Incoterm abbreviations, but one, standing for the following:

1.

EXW - ew works

2.

DDP - delivery didn't proceed

3.

CIF - cost, insurance and freight

4.

FCL - full container load

5.

FOB - free on board

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