Splinterlands assets rentals were designed with flexibility in mind and were built with the ability to cancel contracts if the market conditions change.
Benefits for Both Parties:
1) Renters can cancel previous rents to get the best deal in the market.
2) Owners can adjust prices based on scarcity.
The way our rental market's code works is that you rent the card for a 1-day interval, even if you secure the lease for a longer period. But the minimal rental period is 2 days.
For example: if Player A (renter) rents a card for 5 days from Player B (owner who rented out his card), the two parties will sign the equivalent of 4 contracts. The system transfers the first rental payment (of 24 hours) to player B and holds the other 4 days in escrow.
All contracts will be 24-hour contracts but since the update of 7/21/2022, there is a minimal rental date of 2 days. After a rental contract expires, the rental continues as if nothing has happened, because Player A has preloaded for more days, until the last day has finished. Then the card returns to the owner and is placed back on the market.
If either player cancels the contract within the first 24 hours, the first contract (of 24 hours) will be finished before it's considered complete. Then the second contract will still start and last for the next 24 hours. if the second contract has finished, the card will return to the owner and will be placed on the market again. Since there were still 3 days in escrow, Player A (renter) will get those 3 days of escrow back.
If either player cancels the contract after the first 48 hours (for example after 49 hours) the rent will go on until 72 hours, and there will be an escrow of 2 days.