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The court held that due to the new legislation, the contract was now frustrated, meaning that the dentist did not have to pay the remaining lease payments. Note this case was decided under common law. However the Frustrated Contracts Act (1944) was passed 4 years later.
General Finance Acceptance (GFA) leased a computer to Melrose on a five-year term, with the leasing contract having the term that upon default, that Melrose would pay all the remaining lease payments less the cost of the computer at the date of cancellation, plus interest on top of al this at 32% per annum.
The total lease cost can either be paid in a single lump sum, or amortized over the term of the lease with periodic (usually monthly) payments. Closed-end leases generally provide that the lessee is responsible for insuring the property, for maintaining it in accordance with the lessor's requirements, and for paying any taxes or license fees ...
Learn several differences between a lease payoff amount vs. buyout price when leasing a vehicle and explore your alternatives in different leasing scenarios.
A lease buyout involves paying off the remainder of your monthly payments plus any early termination fees in cash. Many people choose to buy out their leases at the end of their term. Then, you ...
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A hell or high water clause is a clause in a contract, usually a lease, which provides that the payments must continue irrespective of any difficulties which the paying party may encounter, usually in relation to the operation of the leased asset.
Paying off debt can be daunting, especially if you have a lot of it. Many people may be tempted to only make the minimum monthly payments to avoid putting too much thought toward it.