John, George, Paul and Ringo decided to form a corporation. They decided that Ringo would undertake all the work necessary to form their corporation. Prior to filing the Articles of Incorporation, Ringo found what he thought was the perfect space for a studio so they could record their music and he signed a multi-year lease for the space with Abby Road Recording Studios under the name of Apple Records, Inc.

Ringo a few months later incorporated their corporation, Apple Records, Inc., and took all other necessary steps to properly establish Apple Records as a legal corporation. John, George, Paul and Ringo are the only shareholders of Apple Records. The band recorded several successful albums but eventually broke up and no longer has a need for the recording studio, so they moved out in violation of the lease.

Abby Road has requested payment for the remainder of the lease. Discuss in detail.