Question

Laurie and Steve own a small candy shop together, located on Main Street in Allentown, Pennsylvania. Their agreement spells out that should one of the parties die, that person’s interest automatically passes to the surviving party. Laurie and Steve’s agreement is best described as ________.

Answer 1

Joint tenancy

Step-by-step explanation:

Joint tenancy

It is legal agreement between two member which defined for the equal sharing of rules and responsibilities among those two members.

If two person are house mate or own a property then the rules and responsibilities applied for one person will be the same for other person too. In the same way if one of the two owner dies then the interest that is liable to other person is transferred to the one who is surviving.

Answer 2

The correct answer is: joint tenancy.

Step-by-step explanation:

Joint tenancy can be defined as a legal agreement under which two or more people jointly own a property, with equal rights and obligations. In case of death one of the owners, the owner's interest pass on to the surviving owners without going to the courts.

The concept of joint tenancy is generally related to real estate ownership but can be applied to a range of assets.