Upon graduation, Oscar and three of his friends decided to launch a management consulting firm in London, Ontario. All four had been outstanding students in their undergraduate business programs and believed they could be successful despite their limited experience. A supportive professor had introduced them to their first client. The initial engagement went well, and referrals quickly produced additional business. The four decided it was time to move from the temporary office space they had been renting. Purchasing real estate at what was still an early stage in the ventures evolution did not seem to them to be prudent. Instead, they decided to investigate leasing office space in a new building close to the citys downtown area.

a. What are two benefits of commercial leases for Oscars business?

b. What are three common lease provisions Oscar and his friends may want to be aware of? Briefly describe those terms