The land bought by Widget Corporation is owned by joint tenancy.
What is joint tenancy?
Joint tenancy is a situation whereby properties are owned by two or more people, who have same rights and obligations. This means that each of the parties to the joint tenancy owns equal share of the entire property.
The above means that upon the demise of any of the tenant, the other surviving tenant has the right of the property.
Hence, the land bought by Widget Corporation is owned by joint tenancy.
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