What term denotes personal property?

What term denotes personal property?

• A. Chattel
• B. Service Lease
• C. Wet Lease
• D. Progress Payment

Answer: (A)

Movable assets are categorized as personal property. The standard term for this in property law and leasing is chattel. Chattel covers equipment, vehicles, and inventory—things that can be moved and are not attached to land. This distinction matters in leases because if an item is a fixture, it’s considered part of real property and typically transfers with the land; if it’s chattel, it remains personal property and is treated as a separate asset under the lease. The other terms describe different concepts—service lease refers to a lease arrangement that includes services with the asset, a wet lease is an aviation term for aircraft with crew and support included, and a progress payment relates to when payments are made. They don’t describe the property type, which is why chattel is the right term to denote personal property.

Movable assets are categorized as personal property. The standard term for this in property law and leasing is chattel. Chattel covers equipment, vehicles, and inventory—things that can be moved and are not attached to land. This distinction matters in leases because if an item is a fixture, it’s considered part of real property and typically transfers with the land; if it’s chattel, it remains personal property and is treated as a separate asset under the lease. The other terms describe different concepts—service lease refers to a lease arrangement that includes services with the asset, a wet lease is an aviation term for aircraft with crew and support included, and a progress payment relates to when payments are made. They don’t describe the property type, which is why chattel is the right term to denote personal property.