Gottlieb Owned a Cottage Lot Which Had Frontage on a Lake

question 53

True/False

Gottlieb owned a cottage lot which had frontage on a lake. He later granted a 30-metre wide right of way to Baxter, who had a lot behind his, to enable Baxter to reach the lakeshore to launch his power boat. The next year, Baxter built a boathouse on the 30-metre strip in which to store his boat during the winter months. When Gottlieb discovered the boathouse a few months later, he hired a bulldozer, and pushed the boathouse off the land, and into the lake. The lot owned by Gottlieb is the dominant tenement.

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Definitions:

Contract Rate

The agreed-upon interest rate specified in a contract, such as a loan or bond, which determines the periodic interest payments.

Premium

An amount paid in excess of the nominal or face value, often in relation to insurance policies, bonds, or shares.

Effective Interest Rate

The actual return on an investment, taking into account the effect of compounding interest as opposed to the nominal rate.

Contract Interest Rate

The interest rate specified in a loan agreement or contract, typically fixed for the life of the loan.