Final answer:
The correct term for ownership of an estate conditional upon a specific event is 'Determinable Fees'. Property rights are essential for entering contracts, which are enforceable through legal systems, including non-governmental land use restrictions like restrictive covenants and easements.
Step-by-step explanation:
The ownership of an estate that is conditional upon the occurrence or non-occurrence of a specific event is referred to by several terms including qualified fees, conditional fees, fees on conditional limitation. The correct answer to what this type of ownership can also be called, from the options provided, is A. Determinable Fees. These are property interests that automatically terminate when a certain event happens, thereby reverting to the original grantor or their heirs.
Contractual rights are fundamentally based on property rights, which permit individuals to confidently enter agreements concerning the use of their property. In the case of a determinable fee, the contract or agreement would include conditions related to the identified event or condition. Having recourse through the legal system ensures that these property rights and subsequently related contracts are enforceable.
Non-governmental land use restrictions, such as restrictive covenants and easements, are also linked to property ownership. These types of agreements allow land developers to set conditions on the use of land, reflecting another aspect of how property rights underpin contracts.