If Leased Property Is Condemned, Whether or Not the Tenant

question 46

Multiple Choice

If leased property is condemned, whether or not the tenant will be compensated depends upon

• A) state law.
• B) the terms of the lease.
• C) the goodwill of the landlord.
• D) none of these.

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Definitions:

Voluntary Agreement

A consensual arrangement between parties, often formalized through a contract, without coercion or duress.

Bankruptcy

A judicial process concerning an individual or business that is incapable of paying off its accumulated debts.

Debts Reduced

A situation where the total amount owed by an individual or entity is decreased through negotiation, settlement, or by making payments.

Liability

An obligation or debt owed by an individual or company, typically financial, that arises from past transactions or actions.