Law of Contracts Level 2: Latest Updated Guide

adaptation (Ans- the use and modification of a particular item for a specific use in a property — specific use for a property could deem an item as real property Annexation (Ans- attaching (or affixing) personal property to real estate in a way that transforms the personal property into real property Beneficiary (Ans- the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy bill of sale (Ans- a certificate of transfer of personal property common law (Ans- the side of law which arises from judgements and decisions made in courts rather than explicit legislation community property (Ans- a special form of joint tenancy that exists between a married couple, with each owning a one-half interest; any house or real estate purchased during a marriage is considered community property condominium (Ans- property where each owner has a separate interest in their own unit and undivided interest in the common areas cooperative (co-op) (Ans- a residential buildi