Conditions for Assigning a Lease to Another Party
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To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease. Your goal is to put the game on the market within two years. Several months into the term, a competitor unexpectedly releases a new game title featuring play that would make your game appear to be a poorly crafted imitation.
Would you be able to assign the lease to another party?
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Solution Summary
To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease. Your goal is to put the game on the market within two years. Several months into the term, a competitor unexpectedly releases a new game title featuring play that would make your game appear to be a poorly crafted imitation.
Would you be able to assign the lease to another party?
Solution Preview
Although the competitor has released a video game that would literally put us out of business, lease terms do not include clauses for market incidences, including competitor actions. According to this scenario, we have signed a lease for a five-year period. During the term of the lease, we plan to ...
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