The Rameys Are Selling Their Home

question 44

Essay

The Rameys are selling their home.They did not set forth in the sales agreement whether the washer and dryer,the draperies,and a cherry corner cabinet that was in the dining room were to be included in the sale or whether they were planning to take these items with them.The buyers are claiming these items are fixtures and should stay with the house.The Rameys are claiming they are movable goods and they should not be part of the real estate which was sold.Define "fixtures," identify the tests used to determine whether an item is a fixture,and explain whether you think each of the contested items is a fixture and why or why not.

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Definitions:

Bread

A staple food made from a dough of flour and water, usually by baking.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs, representing the trade-off between the two goods.

Consumption Possibilities Frontier

A curve depicting all possible combinations of two goods or services that a consumer can purchase given their income and the prices of the goods.

Self-sufficient Producer

An individual or entity that produces all they need to consume, relying minimal on external sources for goods or services.