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It possibly could at least theoretically, but only if it were specifically stated that way in the lease and the person accepting the faulty equipment knew that he was getting faulty equipment to begin with. In other words, he was satisfied that the money he is to pay on the lease is worth the risk that the equipment might never be fixed. He simply took a calculated risk and lost. A lease is a contract in which both sides make promises supported by consideration, i.e. the giving by each to each of something of value. One gives money in return for a piece of equipment. When one side does not live up to his bargain the other party may sue for damages, cancellation of the contract or specific performance of the contract. On the other hand, if there is no such specific clause and if it is contemplated that the equipment will work, then it should not be non-cancellable. This is because every contract has an implied promise that each side will complete his part of the bargain in good faith. This means that it is expected that the equipment will be in working order when first delivered. If the equipment never worked, my opinion is that the lessor breached his implied warranty and the lease should be cancelled. If the equipment breaks down the next day though, it might be non-cancellable with the lessee's responsibility to fix it. But note that in this situation the equipment did work at one time. In any event is sounds like there is some litigation in store for these two.
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How can one lease business equipment?
There are many ways one can lease business equipment. One can lease business equipment by visiting popular on the web sources such as Small Business Administration.
Where can I find more information about equipment for lease?
If you are interested in obtaining more information about equipment for lease, I would highly sugguest Direct Capital. Please visit their website at: www.directcapital.com/Equipment-Lease.
Can I Cancel The Lease?
The commercial equipment lease is non-cancelable. However, you might request early repayment from the lease or upgrade to some more sophisticated equipment.
What is equipment lease What are its essential elements?
An equipment lease is a contract where one party (the lessor) allows another party (the lessee) to use equipment in exchange for periodic payments. The essential elements of an equipment lease typically include the identification of the parties, a description of the equipment being leased, the lease term, payment terms, responsibilities of the parties, and provisions for equipment return or purchase at the end of the lease term.
What are the Advantages of a lease to a lease agreement?
The lessee can return the equipment at the end of the lease period if it is no longer needed
Is Depreciation of lease to own equipment calculated based on useful life or lease terms?
no
Types of equipment to lease when starting business?
The equipment required to run a small business will depend on which type of business you are running. Here are some examples of where you can lease equipment: www.elease.com/ or www.leasechoice.com/
How do you write a letter of termination for lease equipment?
If you are leasing equipment and would like to turn it back into the lessee you can write them a letter requesting to terminate the lease. If this is a large piece of equipment the lessee will usually pick the equipment up. There may be a charge if you are terminating your lease before the end date of the contract.
What is full service lease agreement?
A lease in which the lessor promises to maintain and insure the equipment leased. It is also known as a rental lease. It's commonly used in leases of equipment and commercial real estate.
Where can I lease commercial kitchen equipment?
If you go http://www.ckitchen.com/resources/kitchen-equipment-lease.html you can get kitchen equipment for lease. They ship the equipment free to anywhere in the United States so it's a pretty sweet website.
Where can I find commercial equipment to lease?
I want to open a barber shop. Where can I find commercial equipment to lease?I want to open a barber shop. Where can I find commercial equipment to lease?I want to open a barber shop. Where can I find commercial equipment to lease?
If plant equipment is attached to leased property must the depreciable life of the equipment coincide with lease terms?
If the equipment was attached in such a manner that it could not be removed, you would depreciate it over the term of the lease or shorter.
