Contracts
In Alaska, a lease agreement for a commercial space that is silent on the topic of renewals will terminate:
AAfter one year by operation of law
BAt the end of the stated lease term✓ Correct
CWhen either party gives 30 days notice
DOnly if the landlord initiates eviction proceedings
Explanation
A fixed-term lease (whether residential or commercial) terminates at the end of the stated term. Unlike a periodic tenancy, a fixed-term lease does not require notice to terminate — it ends automatically at the expiration date unless renewed or converted by the parties.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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