High Note: Lease Contract

A lease is a transfer of the right to the possession and use of named goods for a set term in return for certain consideration. Amy entered into a lease with High Note electronic store. She agreed to pay $25 a week for 100 weeks and final payment of $500 for an Alpo Theater. In this lease contract, Amy is considered to be the lessee. The lessee is a person who acquires the right of possession and use of goods for a set term in return for certain consideration. In this circumstance, High Note is the lessor. They agree to “rent to own” a theater to Amy. The Statute of Frauds requires a lease contract that contains payments of $1,000 or more must be in writing. Amy signed a leasing contract with High Now, which makes this is a valid agreement.
Adhesion contracts are “take it or leave it” agreements that one party drafts the contract, and the other …show more content…
Amy entered into a contract with High Note without exploring any additional options. As unfair as the leasing contract may sound, it was her duty to shop around for other choices before committing to the agreement. Considering the elements that make a contract unconscionable, Amy may be able to use this defense to break the contract. Unconscionability is determined by examining the circumstances of the parties when the contract is made. These may include age, and the mental capacity of the parties. This means Amy’s age may be a considered while determining this case. Some college students don’t have the knowledge to enter into a long term contract without the guidance of someone else. Also, the fact that High Note’s price for the Alpo Theater is unreasonably higher than the market price should be considered when deciding this