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Legal Environment > Test 2 > Flashcards

Flashcards in Test 2 Deck (74)
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1

Property

is a relationship you have to something. You can use something, and exclude others from using it. Legal fence. Includes self ownership.

2

Real Property

ownership on planet. e.g. real estate. defined by deed.From English ownership.

3

Personal Property

includes tangible and intangible.

4

Tangible Property

your stuff

5

Intangibile Property

everything else, patent on idea.

6

Fee Simple

ownership interest

7

Tenancy in Common

each own half of everything. generic ownership style

8

Survivorship Tenancy

last man standing owns it

9

Fixture

was once tangible, personal property, but is now attached and is a part of real property

10

Constructive

legal lie, there to accomplish specific purpose. e.g keys to the locks on door of house

11

Tenant Fixture/Trade Fixture

attached by non owners, and aren't a part of property

12

Gift

ownership of prperty obtained

13

Donor

giver of gift, owner of something

14

Donee

receiver of gift, new owner

15

Gift Causa Mortis

imminent death. doesn't matter what will says e.g. rolex on deathbed

16

Intevivos Gift

celebration of life. e.g. birthdays, christmas. Intent, and delivery

17

Lost Property

Not in a place where owner could come back and find it, thus can acquire a new owner through possession and doesn't belong to the person owning the premise

18

Mislaid Property

Belongs to the person owning the premise where the property is found, assuming it's in a place the owner would come looking for it

19

Finder

Prevails if the good were lost

20

Owner of Locus in Quo

Prevails if the goods were mislaid

21

Bailment

Owner puts object protected by personal property into intentional possession of another person with the understanding that it will be returned

22

Bailor

Owner

23

Bailee

Possessor

24

Easement

Places a particular use of land behind legal fence, often a right to cross over land

25

Eminent Domain

Govt can take land and will buy it at certain price

26

Lien

Property interest given to someone

27

Security Interest

Property interest created by agreement

28

Mortgage

When you put your house up to secure a loan

29

Infringement

Breaking terms of agreement

30

Trade Name

Doesn't afford the protection of trademark