Under contract law, what does the right of survivorship mean?

The correct choice reflects the fundamental principle of joint tenancy in property law, which includes the right of survivorship. Under this principle, when one joint tenant dies, their share of the property automatically passes to the surviving joint tenant(s), rather than becoming part of the deceased's estate or passing to their heirs.

This mechanism ensures that the surviving joint tenant(s) maintain uninterrupted ownership and simplifies the transfer of property rights after death, avoiding probate delays and estate taxation that often accompany the transfer of assets through a will. In essence, the right of survivorship guarantees that the joint tenants have a shared ownership that is preserved even after one tenant's death, facilitating a smooth transition of ownership within the surviving parties.