CELE SQE

CELE SQE1 模拟练习

Examination Timing: 00H00M26S

Four friends (all over 18 years old) bought a hotel which they planned to run together as a commercial enterprise. They each paid £100,000 towards the purchase price of £400,000. Which of the following statements best explains how the parties hold the property?

A. They are joint tenants in law and equity because they paid the same amount towards the purchase price.

B. They are tenants in common in law and equity because they paid the same amount towards the purchase price.

C. They are joint tenants in law but tenants in common in equity because they bought the property as a business.

D. They are joint tenants in law but tenants in common in equity because they are all over 18 years old.

E. They are tenants in common in law and equity because land cannot be held as joint tenants.

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When property is bought by multiple parties as a business venture, they are typically considered tenants in common in equity, even if they hold the legal title as joint tenants. This means that while the legal ownership may be joint, the equitable ownership reflects their individual contributions and intentions, which in this case is a business arrangement.

Key Point: In business arrangements involving property, the equitable ownership is usually as tenants in common, reflecting individual contributions and intentions, even if the legal title is held as joint tenants.

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Land LawUnit 2Chapter 6

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