What is the consideration in the situation where only possession of the property is transferred and not the ownership?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Rent
In the situation where only possession of the property is transferred and not the ownership, the consideration is typically referred to as Rent.
When possession is granted without transferring ownership, it usually occurs in the context of a lease or rental agreement, where the tenant pays rent to the landlord for the right to occupy the property.