Business Law - Assignment PDF

Running head: BUSINESS LAW
Business Law
Name of the Student
Name of the University
Author Note

BUSINESS LAW1
1. How does personal property become real property? Discuss why a determination of
why and when this has happened may be important.
When a real property or fixture has chattel or some other changes attached to it,
they are considered to be a part of such real property or fixture. The information of such
attachment is important to determine the authority of another person, other than the
landlord, to remove them.
2. What is a fixture? Under what circumstances can someone other than the owner of
the real property, such as a tenant, remove fixtures?
Fixture is an equipment that may be attached to a real property and it depends
whether such fixture can be severed from the property if needed. A person other the
landlord can only separate a fixture from a real property when it does not damage or
destroy such real property.
3. What interest in land does the purchaser get when he or she buys a house?
On purchase of a house that has an adjoining land attached to it, the purchaser
carries the right to sell, construct or do anything he wishes to on such land.
4. What is meant by a fee simple estate in land?
Fee simple refers to the highest form of ownership of a real property where the
owner has the absolute right on the property, along with the co-owners if any.
5. Contrast life estates and leasehold estates.
A life estate refers to the property that can be enjoyed by the occupier as long as
he lives even though the ownership of the property belong to another. While, leasehold
estate refers to the property, which are held for a specific period of time and not
throughout the lifetime of the owner or occupier.

BUSINESS LAW2
6. What is meant by an easement? Explain the significance of a dominant and servient
tenements when dealing with easements.
Easement is the right to use a land owned by another, without possessing it, for a
particular purpose. Presence of a servient and a dominant tenement is important for an
easement to be valid. Servient is the one on whose property the easementary right is
imposed while the dominant is the one who holds such easementary right.
7. What is meant by a restrictive covenant? Under what circumstances will such a
covenant be binding on subsequent landowners? How does this relate to a building
scheme?
A restrictive covenant imposes restriction on the usage of a land to maintain and
preserve the value of an adjoining land. An owner of a property creates a restrictive
covenant and grants interest to the purchaser of the property, yet puts some sort of
restriction in its usage. When the co-owners of a property agrees to protect each other’s
interest by agreeing to the restrictions, it is called building scheme. Such restriction binds
all future owners (Gonda, 2015).
8. What is a periodic tenancy? What special problems come into play with periodic
tenancies that are not present with term leases?
Period tenancy continues for a period until the landlord is notified by the tenant
that he wants to end the tenancy. In case of period tenancy, the tenant decides the time to
end the tenancy unlike term lease where the tenancy period is already decided.
9. Explain what is meant by a landlord’s obligation to ensure a tenant’s “quiet
enjoyment”.