Legal Question in Business Law in Mississippi

lease terminations by the leasee

What constitutes grounds for terminating an equipment lease by the leasee. How do I check liscenses and certifications of the leasor?

Asked on 5/25/07, 12:22 am

1 Answer from Attorneys

Albert Pettigrew Law Offices Ph 228-875-8736

Re: lease terminations by the leasee

An agreement can be terminated on the basis of legal theory such as breach of agreement, or illegality. It can also be terminated or voided on the basis of equity. Equity basis could include fraud, bad faith, impossibility of performance due to circumstances not contemplated by the parties, failure of consideration (i.e. you didn't get the benefit of the bargain you made), bilateral mistake of fact, not have a meeting of the minds, in some situations failure to have a written agreement, failure of agency (ultra vires action action agent's authority), failure of mutuality of consideration, agreement being against public policy such as rental agreement for illegal gambling device or still or for manufacture of other illegal substances, incapacity of a party to enter an agreement, duress, breach of fiduciary duty, equitable estoppel, possibly unjust enrichment. Additionally, the party may be barred from the courts on the basis of stare decisis, judicial estoppel, statute of limitations, or failure of a corporation to register with the Secretary of State's office.

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Answered on 5/25/07, 9:23 am

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