Joe Owned an Apartment Building and Entered into a Contract

question 124

Short Answer

Joe owned an apartment building and entered into a contract with Sam whereby Sam would operate that apartment building, but the proceeds from the rent and profits would be distributed among Joe's children. This is an example of what kind of an agreement?

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Definitions:

Negotiable

Able to be transferred or endorsed to another party in exchange for money or as part of a contractual agreement.

Medium of Exchange

An intermediary instrument used to facilitate the sale, purchase, or trade of goods and services between parties.

Negotiable

Capable of being discussed in order to reach an agreement or capable of being transferred by endorsement or delivery.

Specific Brand

A particular brand that is identified or specified, often distinguished by its unique name, logo, and product attributes.