Contracts
A Connecticut commercial lease contains an 'option to renew' clause. This option gives the tenant:
AThe right to extend the lease on whatever new terms the landlord sets
BThe right to renew the lease for a specified additional period on pre-agreed terms, by giving proper notice within the required timeframe✓ Correct
CThe right to buy the property at any time during the lease
DThe right to sublease without landlord consent during the option period
Explanation
An option to renew (or option to extend) gives the tenant the unilateral right to continue the lease for an additional specified period by giving timely notice. The terms—especially rent—may be predetermined, tied to a formula, or subject to renegotiation as specified in the lease.
Related Connecticut Contracts Questions
- An earnest money deposit in Connecticut is typically held by:
- A 'right of first offer' (ROFO) in Connecticut real estate gives the holder the right to:
- A Connecticut seller accepts a buyer's offer. Two days later, the seller receives a higher offer. Under Connecticut contract law, the seller:
- A Connecticut buyer signs a purchase agreement. The contract includes a 'no oral modification' clause. Two weeks later, the seller verbally agrees to include the refrigerator in the sale. Under contract law:
- A Connecticut seller and buyer sign a contract with a $20,000 earnest money deposit. The buyer backs out without a valid contingency. The seller's remedies may include:
- A contract that is 'void' in Connecticut is best described as:
- Which of the following is an example of a contingency in a Connecticut purchase contract?
- In a real estate purchase contract, 'time is of the essence' means:
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →