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MGMT 480: Business Law > Chapter 14: Real and Personal Property and Protection of the Environment > Flashcards

Chapter 14: Real and Personal Property and Protection of the Environment Flashcards

1
Q

LO 14.1 Distinguish real and personal property

A

LO 14.1 Distinguish real and personal property

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2
Q

The two types of property

A

1) Real property

2) Personal Property

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3
Q

“Property” definition

A

more correctly refers to the relationship existing between the item and the individual who owns it

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4
Q

Real property definition

A

land, buildings attached to the land, and items called fixtures, that is, items that are attached to the land or to a building or to another fixture attached to the land

Permanently attached to the land

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5
Q

Personal property definition

A

tangible, movable goods (chattels) and intangible claims (choses in action)

Movable property

Can be divided into two categories

1) Chattels (goods)
2) Chose in action (intangible goods)

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6
Q

Chattels

A

tangible, movable personal property that can be measured and weighed; also known as goods

Table, car, laptop, etc

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7
Q

Chose in action

choses in action

A

the thing or benefit that is transferred in an assignment; intangible personal property, such as a claim or the right to sue

Bonds, share certificates, and negotiable
instruments are examples of choses in action

The right to sue somebody

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8
Q

Whether shelter is obtained through ownership, rental, or even squatting,
the relationships created are governed by

A

real property law.

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9
Q

Interest in Land

LO 14.2 Describe the various types of interest in land

A

Interest in Land

LO 14.2 Describe the various types of interest in land

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10
Q

Estate in land

A

the right to uninterrupted possession of land for a period of time. The amount of time is determined by the nature of the estate

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11
Q

Today in Canada these estates in land have been reduced to a few significant types known as:

A

1) estates in fee simple,
2) life estates
3) leasehold estates

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12
Q

Fee Simple

A

the highest interest in land, equivalent to ownership; an estate granting possession for an infinite time

The greatest interest a person can have in land today (and what we think of as ownership)

Subject only to restriction imposed by agreement or legislation

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13
Q

Life Estate

A

an interest in land ending at death of the estate holder

Cannot be willed to others

Reversionary interest

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14
Q

Reversionary interest

A

the right of the original owner to retake possession of property upon the death of the life tenant

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15
Q

Remainderman

A

a third party with the right to the remainder of the fee simple after the death of a life tenant

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16
Q

Dower rights

A

protection of the rights of a spouse in certain matrimonial property; have been modified or abolished in most jurisdictions

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17
Q

Homestead rights

A

rights giving a spouse a claim to a substantial portion of family property

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18
Q

Leasehold Estates

A

an interest in land that grants the tenant exclusive possession until a specific date

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19
Q

Lesser Interests in Land

A

Lesser Interests in Land

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20
Q

Easement

A

the right of a person other than the owner to use a portion of private property

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21
Q

Right of way

A

a type of easement that allows the crossing of another’s land

but does not give that person the right to stop, park her car, or build some permanent structure on that property.

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22
Q

Dominant tenement

A

property that has the advantage of an easement

The property that has the advantage of the right of way is called the dominant tenement

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23
Q

Servient tenement

A

the property subject to an easement

AKA the persons land who needs to be crossed

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24
Q

Statutory easement

A

give utilities or other bodies similar rights to run fibre optic cable, phone lines, power lines, or sewer lines across private property

easements giving utilities or other bodies rights to run power or sewer lines across private property and to enter the property to inspect and maintain them

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25
License
A licence gives a person permission to use another’s land Examples include allowing the public to shop in a mall or a patron to rent a hotel room. Such a licence is not a true interest in the property and does not run with the land.
26
Easement acquired by prescription
a right to the use of land that is acquired through free use of that land without interference over a number of years To prevent such an easement from arising, the landowner must periodically exercise some control over the portion of land in question, such as blocking off public access from time to time.
27
Adverse possession
a right to actual possession, which can be acquired by non-contested use of the land Acquiring possession through adverse possession occurs when someone has had possession of the land for a significant number of years with the knowledge and toleration of the owner
28
Restrictive covenant
in property law, a condition imposed by the seller as to what the purchaser can use the land for; in employment law, a commitment not to work in a certain geographical area for a designated period of time Restrictive covenants may impose restrictions as to what type of building can be put on the land or how the property may be used, such as for residential, commercial, or light industrial use
29
Building scheme
a set of restrictions placed on all the properties in a large development
30
For restrictive covenants to bind subsequent owners of the property they must be expressed as ________ rather than positive obligations
negative
31
Tenancy in Common
ownership of land by two or more people with equal, undivided interests in it
32
Joint Tenancy
shared property ownership with a right of survivorship In effect, the joint tenants own the entire property outright, and when one dies the survivors continue to own the entire property
33
“Undivided,”
means that neither owner can point to any one portion of the property as theirs.
34
Severance
an owner’s removal of chattel that he has affixed; separation or division of joint ownership; action by one of the co-owners that is inconsistent with joint tenancy
35
Other Interests in Land
Other Interests in Land
36
Option agreement
a subsidiary contract creating an obligation to hold an offer open for acceptance until the expiration of a specified time
37
Agreement for sale
an agreement where title will be transferred at some time in the future, typically once the property is fully paid for; an agreement that grants possession of property to the purchaser pending full payment of the price
38
The sale takes place in two stages:
Possession occurs first, and the title transfers when the last payment is made
39
Agreement of purchase and sale
the first stage in the purchase of real property; also referred to as an interim agreement between the vendor and purchaser
40
Interim agreement
a binding contract that will subsequently be put into a more formal document; usually referred to as an agreement of purchase and sale in a real estate transaction
41
Condition precedent
a condition under which the obligations of a contract will begin; also called “subject-to” clause
42
Deed of conveyance
a document transferring an interest in property
43
Registration system
a means of registering and tracking property deeds
44
Land titles system
a registration system that guarantees title to real property
45
Certificate of title
conclusive evidence as to the ownership of a property
46
Cooperative
an independent legal entity composed of members holding shares in it; a method of acquiring residential accommodation
47
Mortgages LO 14.3 Outline the unique properties of mortgages and the rights of the parties
Mortgages LO 14.3 Outline the unique properties of mortgages and the rights of the parties
48
Mortgage
a means of securing loans; title of property is held by the moneylender as security in some jurisdictions; in other jurisdictions, a mortgage is simply a charge against title AKA pledge till death
49
Equity of Redemption
an interest in land retained by the mortgagor even after default
50
Foreclosure
a court process ending the mortgagor’s right to redeem
51
How Foreclosure works
This process takes place in two stages. After the default and pursuant to an application by the mortgagee, the court issues a preliminary order of foreclosure , setting a time limit (e.g., six months) within which time the mortgage must be redeemed by paying what is owed. After that redemption period expires without payment, the mortgagor returns to court and obtains a final order of foreclosure giving her an uncontestable right to both title and possession of the property.
52
Order for judicial sale
a court order that property be sold during the redemption period
53
The Landlord–Tenant Relationship | LO 14.4 Compare the rights and obligations of landlords and tenants
The Landlord–Tenant Relationship | LO 14.4 Compare the rights and obligations of landlords and tenants
54
Periodic tenancy
automatically renewing tenancy with no specific termination date
55
Even though it is wise to put a lease in | writing, one need not do so with a lease for ________________________________________________
three years or less
56
In most jurisdictions, however, leases over _____________ must be evidenced in writing to satisfy the Statute of Frauds or its equivalent.
three years
57
Leases definition
a secured arrangement whereby possession of the goods goes to the lessee, while the title to the goods remains with the lessor
58
Some provinces, such as British Columbia apply their ___________________ to commercial tenancies.
Frustrated Contracts Act
59
Types of Tenancies
1) When a lease has a set duration, it is a called a “term lease 2) Sublet 3) A periodic tenancy has no specific termination date; rather, it involves a specific lease period that is automatically renewed in the absence of notice to the contrary
60
Sublet
a lease executed by the lessee of land or premises to a third party for a shorter term than that which the lessee holds
61
Vacant Possession
an obligation to deliver possession of vacant premises to a tenant at the beginning of a lease period
62
Quiet Enjoyment
A landlord is obligated to give a tenant quiet enjoyment of the premises. This does not mean that the tenant has to be happy or like the premises, only that the landlord must ensure that nothing happens to interfere with the tenant’s use of the property
63
Tenancy at sufferance
a situation in which a tenant fails to leave after a lease has expired and owes compensation to the landlord
64
The tenant’s primary obligation is to
pay the rent when it is due
65
Abatement
a court order to reduce the rent to be paid to compensate for a breach of the lease by the landlord
66
Remedies
When the rent is not paid, the landlord can sue for the overdue rent
67
Forfeiture
the principle that a criminal should not be permitted to profit from a crime
68
Relief against forfeiture
an equitable principle that when a landlord retakes a property because of a failure to pay rent prior to the end of the lease term, the tenant can pay the arrears and apply in the court to have the lease reinstated
69
Distress (aka distraint)
seizure by a landlord of any property left by a tenant and holding it until the rent is paid or selling it to pay rent owing
70
Personal Property LO 14.5 and LO 14.6
Personal Property LO 14.5 and LO 14.6
71
Chattels
Chattels are movables, such as electronic devices, clothes, animals, and motor vehicles. Even construction cranes, boats, and locomotives are chattels.
72
Bailment
temporary possession by one person of chattels owned by another Examples of bailment include leasing and rentals of vehicles and equipment; goods left for repair, storage, or transport; and simple borrowing of goods
73
Bailor
the owner giving up possession of property in a bailment
74
Bailee
the person acquiring possession of personal property in a bailment
75
Fungible
goods being of such a nature that one part or quantity may be replaced by another equal part or quantity of similar quality Examples: such as timber, oil, and wheat Example, storing oil in a massive bin with others, whatever you put in you get out, but it may not be the original oil you put in if it all mixed together
76
Bailment for Value
a bailment involving a mutual benefit or consideration flowing between the parties
77
Common Carriers
Examples: trucking and bus companies, railroads, airlines, and even pipelines Common carriers must be distinguished from private companies or individuals that transport for a particular bailor
78
Innkeepers’ Liability
In common law, innkeepers are also treated like insurers and are responsible for lost or stolen goods of a guest, unless it can be shown that they were lost because of some “act of nature” or negligence on the part of the guest
79
Gratuitous Bailment
A gratuitous bailment occurs when only one side receives a benefit.
80
Protection of the Environment LO 14.7, 14.8, 14.9
Protection of the Environment LO 14.7, 14.8, 14.9
81
Riparian rights (common law)
the common law right given to people living near rivers and streams to have the water come to them in undiminished quantity and quality
82
Forests, minerals, air, and water are all local matters and under the jurisdiction of _____________________, unless it is on federal land, costal waters, instra-provincial jurisdictions
provincial governments
83
The Canadian Environmental Protection Act, 1999 (CEPA)
is the principal federal statute dealing with the environment -governs release of pollutants, pollution prevention plans, disposal of substances at sea, the production, importation, and selling of fuels, vehicle emissions, engines and equipment, international air and water pollution, the movement of hazardous waste and recyclable materials
84
If an environmental assessment is required there are two different types of review that can take place:
1) a standard environmental review | 2) simple assessment before a review panel
85
If a chattel is affixed to the land is may become a ______
Fixture (which means it becomes part of the real property)
86
Chattel / fixture test
Was the purpose of the attachment to: 1) enhance the land 2) for the better use of the chattel as a chattel
87
Tort law for the environment
Private and public nuisance, negligence, trespass
88
British Columbia Indigenous
Treated not signed, giving First nations rights over tradition territory covering much of the province
89
Tsilhqot'in Nation v. BC
The SCC held that consultation required obtaining the CONSENT of the aboriginal title holder
90
Bill C-262
An act to ensure that the laws of Canada are in harmony with the United Nations Declaration on the Rights of Indigenous peoples

MGMT 480: Business Law (14 decks)

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