Assignment: Personal Property
Question: Assignment: Personal Property This assignment is due by the end of the 5th day of the module. Introduction Please refer to the relevant concepts and/or case law from your readings in response to the questions below. Assignment Instructions Respond to the following two questions: 1. Hot Coffee has been leasing a store to sell their custom coffee mugs. They purchased and installed cabinets, shelves, and a counter to display and sell the mugs. What is the test used to determine if something is a fixture? Are these items considered personal property or fixtures? Will they belong to Hot Coffee or to the landlord when the lease expires? 2. If Hot Coffee and the landlord decided to each contribute 50% to the purchase of a new location for the Hot Coffee business, what are two of the options they could use to buy the property together? What are the consequences for each option? Requirements The length of your response is conditional on the question. Answer fully, but concisely. Your submissions should be submitted via the assignment dropbox in .doc or .docx format, using 12 pt type and double spacing. Late submissions will not be accepted. For this course, unless otherwise noted by the instructor, submitting work late will be permitted only under qualifying circumstances and only with prior notification and supporting documentation (original funeral notice, original doctor’s note, etc.). Computer and Internet connectivity problems are not valid reasons for late work. It is the student's responsibility to be technologically prepared to take a blended course.
The difference between personal property and fixtures is essential in the lease and sale of land. The classification is used to determine the nature of items installed in a leased property to become the property of the tenant or transferred to the landlord. This essay describes the standard legal test of fixtures, applies it to the cabinets, shelves, and counter of Hot Coffee, and then describes two typical types of co-ownership in the case of joint purchase of real estate by Hot Coffee and the landlord.
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