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Legal Business 1 > Ch 7 not on test > Flashcards

Ch 7 not on test Flashcards

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0
Q

Absolute

A

We can legally seek police or courts to protect some

resource or you can’t

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1
Q

Property AKA Ownership

A

Legal right to exclude others from resources that are

possessed or acquired without force, theft or fraud

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2
Q

Property is not infinite

A

Can’t use resources to harm another’s resources

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3
Q

Examples of resources that aren’t protected by our legal system?

A

Marijuana, sale of proscription drugs, sale of bald eagle

feathers

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4
Q

Property is the necessary foundation for…

A

Private enterprise and market in the modern nation

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5
Q

Communism

A

State requires citizens produce according to their abilities

And share according to needs of everyone else

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6
Q

Private property laws

A

Recognizes and enforces an individual’s rights to acquire,

Possess, use and transfer scarce resources

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7
Q

3 types of property

A

Private, public and common

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8
Q

Private property

A

Protects private persons and allows them to exclude others
Including in most instances the state from interfering with
Resources

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9
Q

Public property

A

The states right to exclude people from state monuments,

Buildings, equipment, land and other public resources

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10
Q

2 meanings of common property?

A

1 right to common resources: air, rivers, oceans

2 private ownership by 2 or more people

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11
Q

Rule of law

A

All members of society must have equal guarantee

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12
Q

Property promotes incentive

A

Allowing people to keep and benefit from what they produce,
Property motivates effort in way natural to human beings

People expend more effort when they have protected
Property

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13
Q

How does property generate prosperity? 3.

A

1 promotes incentive
2 capital formation
3 divisibility of resources

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14
Q

Capital formation

A

Quality of resources that produces new and different
resources

Allows for borrowing money and investing

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15
Q

Mortgage

A

Agreement to put up house to secure loans

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16
Q

Lenders are willing to loan money at affordable rates because property law guarantees 3 things?

A

1 borrower’s house is identifiable piece of land recognized
By the state
2 state recognizes borrower’s claim to house
3 state permits lenders to enforce mortgage agreement
Through courts and sell borrower’s house to satisfy loan
Borrower fails to repay

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17
Q

Securities markets are vital for…

A

Capital formation and prosperity in modern nations

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18
Q

Divisibility

A

Relates to capital formation

Refers to how property permits resources to be broken into
parts and used in many ways while owner retains property
Interest in each part

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19
Q

Examples of divisibility of property 6

A

1 sell land for cash
2 sell another part of it on credit
3 hold mortgage to ensure payment
4 have tenants pay rent
5 incorporate part of it and sell shares to investors
6 secure loan against property and start business

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20
Q

2 basic legal divisions of property

A

1 real property

2 personal property

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21
Q

Real property law

2 Personal property law

A

Applies ownership to land and interests in land such as
Meaning rights or leases

2 all other resources are protected under personal
Property law

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22
Q

Real estate AKA Realty

A

Land ownership

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23
Q

Fixture

A

Object of personal property that has become object of

Real property

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24
2 ways objects become fixtures
1 physical annexation (attachment) to land or it's building ``` 2 use has become closely associated with the use land Is put (fixtures go to land with buyers unless written agreement) ```
25
2 examples of fixtures
Carpet is fixture when nailed to the floor Manufacturing equipment is fixture when sold along with Manufacturing plant
26
Rules of contract
Rules under which people exchange resources in property System Make exchange of resources between owners legally Binding
27
What do contracts allow 3 things?
1 allow owners to commit to future exchange of resources 2 make it possible for 1 owner to sue another if exchange Of resources are broken by 1 of the owners 3 allow lawsuits against those not adequately performing their agreements
28
Single most important factor to see if country's economy is ready for international trade?
Observing legally enforceable contracts
29
Ownership: rule of first possession
1 first person to reduce previously unowned things to | possession becomes their owner
30
Ownership: Intent
Measure whether previous owner intended to abandon Something Lawsuits may follow if unclear whether previous owner Abandoned possession
31
Possession of lost items
The finder must turn item over to police and place ads for Certain period of time If original owner doesn't come forward to claim item during Period, the finder becomes the new owner
32
Adverse possession
Gives ownership of land under state statute
33
5 requirements of state statute for adverse possession?
``` 1 open and notorious 2 actual and exclusive 3 continuos 4 wrongful 5 prescribed period of time ```
34
Adverse possession: open and notorious
Possessor must occupy land in such way to put true owner | Of land on notice
35
Adverse possession: actual and exclusive
Possessor must physically occupy land Fences and buildings constitute occupation of land
36
Adverse possession: continuous
Possession must be uninterrupted
37
Adverse possession: wrongful
Possessor must not have owner's permission to be on | Land
38
Adverse possession: for prescribed period of time
Most state specify 10 to 20 years before possessor becomes | New owner
39
Ownership through confusion
Arises when fungible goods (goods that are identical) Are mixed together If no evidence is there when identical goods are sold, everyone is entitled to an equal share
40
Doctrine of accession
When owner of old airplane engine has built and restored an airplane, the owner of the engine owns the whole airplane
41
Gift
Receiving a gift is way of acquiring ownership
42
Testamentary gift
Gift made through a will
43
4 different types of ownership?
1 Fee simple 2 life estate 3 leasehold estate 4 concurrent ownership
44
Estate
Bundle of rights and powers of land ownership
45
Fee simple
Maximum estate allowed under law Owner has fullest legal rights and powers to possess, use And transfer land
46
Fee simple absolute estate
No limitations or conditions attached
47
Fee simple defensible
May have condition attached to estate's transfer Ex. Seller may convey land to buyer if they develop land For agricultural purposes
48
Conveyance
Transfer
49
Life estate
Grants ownership in land for lifetime of specified person When specified person dies, original grantor keeps reversion Interest in the la d
50
Life estate: remainder interest
Land goes to another person other than grantor after | Death of specified person
51
Leasehold estate
Property right granted to tenants by landlords
52
Concurrent ownership
More than one person owns the same thing
53
Tenancy in common 2 joint tenancy
Tenants in common can own different shares of resources 2 tenants have equal ownership shares
54
Joint tenancy: right of survivorship
One of joint tents dies, the other becomes the sole owner | Of entire resource
55
Tenants
Have qualified possession, use and transfer of land They can't damage it by law
56
Doctrine of partition
Allows owners or creditors of joint tenancy or tenancy in | Common to force separation of concurrent ownerships
57
Title
Registration of ownership of property
58
Deed
Document of title that transfers ownership of land Contains precise legal description of land that specifies Exact location and boundaries according to mapping And surveying system
59
Grantor | 2) grantee
Seller 2 buyer
60
Warranty deed
Promises buyer that grantor has good ownership and | Full power to convey it
61
Quitclaim deed
Makes no guarantee other than grantor surrenders all claim | Against land
62
Registration statutes
Protect buyers and lenders Law enables buyers to register their deeds to land and Lenders to register mortgage claims against land
63
Easement
Right of passage to cross over land
64
Bailment 2 bailor 3 bailee
Owner puts object protected by personal property into Intentional possession of another person with understanding It will be returned 2 owner 3 possessor of object
65
2 types of security interests
1 mortgages 2 secured transactions
66
Secured transactions
Legal fence that protects holder of security interest from General claims of all other persons Can be seized from debtor if they are unable to make their Payments
67
3 types of security interests in land
1 mortgages 2 deeds of trust 3 land sales contracts
68
Under the Deed of trust
Borrower signs note, which shows borrower's debt to Lender Signs deed of trust which grants lender security interest in Land and building put up to secure the loan
69
Deed of trust: Trustee
Third party that holds full ownership of land under deed of | trust until the debtor repays the entire deed
70
Land sales contract
Owner of land sells it by contract subject to condition that Seller retains title of land until buyer pays purchase price Until that time, buyer has legal right to possess and use Land and is responsible for insurance and taxes
71
Motgagees 2 mortgagors
Creditors 2 debtors
72
Recording statutes
If mortgagees fail to record mortgages, new buyers of Lands who are unaware of mortgages will take lands Free and clear of mortgages
73
Foreclosure
Creditor must go through court system to ensure procedure | Is properly followed before debtor's lose home and land
74
Deficiency
Balance owed to mortgagee by mortgagor
75
Right of redemption
Before actual foreclosure allows mortgagor to get back land Upon payment of full amount of debt including all interest Costs

Legal Business 1 (25 decks)

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