Simple English definitions for legal terms
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Terminable property refers to property that has a limited duration or can end if a certain event occurs. This could include things like a lease on a house or apartment that only lasts for a certain amount of time before it needs to be renewed or a contract for services that ends once the work is completed. Essentially, it means that the property or agreement is not permanent and will eventually come to an end.
Terminable property refers to a type of property that has a limited duration or can be terminated if a certain event occurs. This means that the property is not perpetual or indefinite, and its ownership or use can come to an end.
These examples illustrate how terminable property has a limited duration or can be terminated if a certain event occurs. In the case of a leasehold, the property is leased for a specific period of time, and once the lease term ends, the property reverts back to the owner. Similarly, intellectual property has a limited duration, and its ownership or use can be terminated if the owner fails to renew it or if it is challenged in court.