Business Law questions. 3-4 pages.

May 13th, 2015
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1. How is real property different from personal property? Give several examples of each. 2. Find a prenuptial agreement online. What provisions are included in your example? Is it important to have a prenuptial in today’s society? Why and who may want to gain one prior to marriage? 3 What does it mean when a party to a contract assigns their rights? Who is the assignor? Who is the assignee? Who is the obligor? Why would someone want to assign their contractual rights over to another person? 4. Mr. Long executed the following legal document: "In consideration for goods sold to me on account by George Northman, I hereby transfer to George Northman all claims I may have against H. Hall arising from his debt of $1,500 to me." (Signed) Thomas Long, March 21, 2004 Who is the assignor? Who is the assignee? Why is Mr. Northman a party to this document? Why is H. Hall a party to this document? 5. Thompson, the owner of a successful floral shop, orally promised Franks, an experienced flor

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MOD 4 HMWP2Difference between Real Property and Personal PropertyThere is difference between two terms personal property and real property. Anything which is bought by us, or inherited to us is called our property. That property can be in the shape of real property as well as personal property. Any immovable property is real property and finest example of real property is land that cannot be moved. Building is also real property. Any property which is annexed with real property is also real property like plants which are annexed with land or building. On the other hand, personal property is very different from real property. There can be two types of personal property; in first type all the tangible unreal properties like a furniture, shoes, clothes, fan, bag, guitar, socks, and stuff like that. In other type, all intangible assets are included. Intangible assets are assets that cannot be seen or touched but have some worth which include patents, copyrights, royalty, goodwill, and license. Personal property can be converted into real property, if we take a simple example of wood, which is personal property and if we convert that wood into well-furnished furniture and annex that furniture to some land in such a way that it cannot be moved, and then it becomes real property. Real property as well as personal property both has worth for some individual and are same for individual as worth matters, but in legal terms there is a lot of difference indeed. [Alan R

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