1.8 Two or More Parties-Different Legal Rights refers to a situation in which two or more parties have distinct legal rights and obligations with regard to a particular matter. There are several types of 1.8 Two or More Parties-Different Legal Rights, including contracts, leases, partnerships, trusts, and wills. In a contract, parties agree to certain terms that are legally enforceable and create a binding agreement between them. In a lease, one party is the owner and the other are the tenant, and each has distinct rights with respect to the rental property. A partnership is an agreement between two or more parties to share the profits, losses, and responsibilities of a business. A trust is a fiduciary relationship in which one party (the trustee) holds property on behalf of another party (the beneficiary). A will is a legal document in which a person, the testator, expresses their wishes regarding the distribution of their estate after death.