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An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
An agreement with Denny, Mott & Dickson Ltd in 1929 said that they would buy wood from Denny, and lease a timber yard with the option to buy it or take a long lease on certain terms. The contract's first four clauses concerned the timber. Clause 5 provided for the contract's termination on notice by either party.
In Veysoglu v O'Keefe and Goudie, [7] the court held that notice was not necessary because the lease agreement specifically provided that the balance of rent owed for the full term of the lease became due upon repudiation of the lease by the tenant. The court found that the explicit recognition of the right of action negated the need for notice ...
First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.
As a consequence, DRE forwarded to the applicant's head office a memorandum of agreement of lease for signature, accompanied by a letter dated September 18, in which the applicant was requested to return the memorandum, duly signed, as soon as possible, together with a cheque for the first month's rental, deposit and incidental charges.
SJ Burton and MA Eisenberg, Contract Law: Selected Source Materials Annotated (2011) RE Barnett, The Oxford Introductions to U.S. Law: Contracts (2010). MA Chirelstein, Concepts and Case Analysis in the Law of Contracts (6th edn 2010) EA Farnsworth, Contracts (2008) LL Fuller, MA Eisenberg and MP Gergen Basic Contract Law (9th edn 2013)