Question

Scotty and Kirk own a speedboat together. They are not related but have been friends since childhood. They own equal shares of the boat. When thinking about the future, Kirk would like to pass his share of ownership to his son, Leonard. How must Scotty and Kirk title the boat?

Answer 1

C. Tenancy in common.

Step-by-step explanation:

Based on the information provided within the question it can be said that Scotty and Kirk must title the boat as a tenancy in common. This refers to ownership contract in which each party has a separate transferable interest in the ownership of the asset in question. Which in this case would be the boat that they would like to purchase together. By doing so they would be able to transfer each of their ownership to whomever they would like in the future, without the approval of the other.