Final answer:
Owners and tenants possess bundle rights such as possession, right to contract, and termination. Possession means delivering property on an agreed date; the right to contract allows forming agreements over property use; and termination enables ending a lease with notice. Laws, such as California Civil Code, regulate these rights.
Step-by-step explanation:
Understanding Bundle Rights for Owners and Tenants
Both owners and tenants have specific bundle rights that allow them to use property in particular ways. One major right is possession, which implies that an owner has to deliver possession of the residence to the tenant on an agreed date. If the owner cannot deliver possession due to various reasons such as loss or destruction of the residence, or the previous tenant's failure to vacate, then either party may cancel the agreement with written notice, leading to refunding any paid sums.
Furthermore, both parties have the right to contract, allowing the forming of agreements concerning the property use and providing legal recourse if necessary. Lastly, there is the termination right, which allows either party to end the lease with a 30-day notice, given that 'just cause' is provided where required by law.
It is essential to recognize that these rights, while they may overlap, will also vary depending on the nature of the ownership or tenancy agreement and must comply with applicable laws, such as the California Civil Code that mentions the right to pass by permission and subject to the control of the owner.