For a given point (P) in an right isosceles triangle (see Figure), what is the curve or polygon that complies with the following:
i) One of its endpoints is at A
ii) Its other endpoint is at B
iii) It crosses through point P
iv) It cannot be outside the boundaries of triangle ABC (it can lie on its boundaries though)
v) It creates a convex shape with AB.
AND also complies with one of the following:
- It encompasses the maximum possible area
OR
- It encompasses the minimum possible area.
I guess that for (2) one simply needs the convex hull of the points APB. Not sure how things look like for the (1) though.

Hint : (too long for a comment).
Have a look at the figure below (which is a rotated version of your figure with natural coordinates) :
Consider a mobile line passing through $P(x_0,y_0)$ with equation $y=y_0-m(x-x_0)$ (with $m>0$). It will delimitate with the coordinate axes a triangle $ODC$.
Consider the case where $0 \le x_0 \le \tfrac12, 0 \le y_0 \le \tfrac12$.
In this case, and in this case only, it is not difficult to prove that the area of triangle $ODC$ is minimal when $m=\tfrac{y_0}{x_0}$. Therefore, (convex) quadrilateral $DBAC$ will have a maximal area (equal to $\tfrac12-2x_0y_0$). In this case, the solution curve is broken line $DBCA$.
Can you consider the other cases on this basis ?