GBL 395 Examination 2 Flashcard Set

67 cards


 
  
Created Oct 18, 2012
by
911uhoh

 

 
Table View
 
Download
 
Print

Flashcard Set Preview

  Side A   Side B
1
Property
 
Our legally protected rights and interests in anything of value that is subject to ownership.
2
Chattel
 
An item of tangible movable or immovable except real estate and things connected with real...
3
Real Property
 
And subset of land that has been legally defined and the improvements to it were made by human...
4
Personal Property
 
"Private property."  It is moveable.

AKA "Personalty"...
5
Sublease
 
Transferring less than the remaining duration on a lease to another person.
6
Assignment
 
Transferring the entire remaining lease to another person.  If a subletter...
7
Bailment
 
A temporary transfer in possession and control of personal property to another person....
8
Bailor
 
Owner who is transferring possession to another person.  
9
Bailee and their responsibilities
 
The person receiving temporary possession of property. They must care for the property and...
10
Fungible Goods
 
Goods that are indistinguishable from other goods of their kind.  Ex.  Salt, sand,...
11
Bailee Liability for Damages
 
If the bailment benefits only the bailor, the bailee is liable only for gross neglect.  Ex....
12
Buildings and structures
 
Improvements to land are considered buildings.  Structures and buildings are permanently...
13
Fixtures
 
When real property is sold:
  • The buyer takes posession of the real property
  • The...
14
Possessory Interests in land
 
Having an interest in real estate because you own it.

Two types:
  1. Freehold...
15
Fee Simple Absolute (Freehold estate)
 
  • Most common type
  • You have more rights to the land than anyone else...
16
Free simple defeasible
 
The grantor attaches a condition to the conveyance of land.  The grantee loses ownership...
17
Grantor
 
Seller or giver of land
18
Grantee
 
Receiver of land by gift or purchase
19
Differences between devising and bequeathment
 
Upon death, personal property is bequeathed and real property is devised
20
Life estate
 
  • Owner called a "life tenent"
  • Owner has many rights of fee...
21
Concurrent estates in real property

See keg 6
 
Three types
  • Joint tenancy
  • Tenants in common
  • Tenancy...
22
Joint Tenancy
 
  • Owners must have equal interests
  • Owners are free to sell their interest...
23
Tenants in Common
 
  • Freedom to sell ones interests without consent
  • Creditors can take...
24
Tenancy by the Entirety
 
  • Permission is required to sell ones interests
  • Creditors of only one...
25
Leasehold estates

*The lessee has exclusive ownership*
 
Four types
  • Tenancy for years
  • Periodic tenancy
  • Tenancy...
26
Tenancy for Years
 
  • Any fixed period of time, as long as it is fixed.
  • Start and end date...
27
Periodic Tenancy
 
  • Automatically renews for the duration of the lease
  • One party must...
28
Tenancy at Will
 
  • Either party can terminate at any time.  Must give notice as per the terms...
29
Tenancy at sufferance
 
  • Tenant stays in the property after the lease has expired.  They don't...
30
Non-possessory interests in land
 
1. Profits
  • A right you purchase to enter someones land and take things from it...
31
Easements
 
The right to use another person's land.

Dominant tenement- The land owned...
32
Easements (continued)
 
Easements in gross- Adjacency is not required.
  • Usually benefits many landowners
  • Ex....
33
Creation of easements
 
Three ways
  1. By express grant and express reservation
  • Granted...
34
Events causing owner's loss of possession
 
Two ways.

1. Adverse possession-
  • Same reqs in MI as prescriptive...
35
CASE: David Lucas v. South Carolina
 
D.L. bought property on a S.C. beach with the intention of building 2 houses, one for himself...
36
Nuisance law as a restriction on land use
 
Public nuisance-
  • A landowner's conduct that interferes with the health and...
37
Government land use restrictions
 
Two ways-

1.  Zoning-
  • Isolates businesses from homes
  • Restricts...
38
Closing
 
The final formal step in the sale of real property.  It refers to the closing of escrow,...
39
Conveyance
 
A transfer of the title to real property by sale or gift
40
Deed
 
The instrument or document of conveyance of title to real property from one person to another
41
Restrictive convenant
 
A restriction on the use of land attached to the deed which future owners must obey.  Covenants...
42
Riparian
 
Refers to the rights of owners of land adjacent to water
43
Waste
 
The abuse, neglect, or destructive use of property by one who is in rightful possession.  It...
44
Intellectual Property
 
Intangible form of personal property; could be a company's most valuable asset which sets...
45
Copyright

*Exclusive federal court jurisdiction*
 
The exclusive right to reproduce, publish, and sell a fixed form of a creative work of art
  • Lasts...
46
Trademark

*Exclusive federal court jurisdiction*
 
A distinctive identifier used by a manufacturer or seller to identify its products and distinguish...
47
Brand names made generic by public usage
 
  • Cellophane
  • Yo-yo
  • Trampoline
  • Corn flakes
  • Dry...
48
Trade Dress
 
The non-functional features, characteristics, decorations, or image of goods or services that...
49
Trade Secret
 
Any secret formula, pattern, process, program, device, method, technique, or compilation of...
50
Patents
 
A monopoly the government grants to inventors allowing them to exclusively make, use, and sell...
51
Contracts (the six elements to form one)
 
Elements of a contract- All of these must be present to form a valid contract

-...
52
Offer
 
The proposal of a bargain (exchange of two things) to another party.

Intent- Did...
53
Terminating Offers
 
Cannot be accepted after termination

-Terms of the offer (states expiration time)
54
Acceptance
 
- Must be intent to accept

- Acceptance must not change the material terms of...
55
Consideration
 
Legal value, bargained for and given in exchange for an act or a promise.

- To...
56
Promissory Estoppel
 
Must have all three of these requirements:

1. A promise reasonably expected to...
57
CASE: Thorne vs. Deas (1809)
 
John Thorne owns a ship with 3 partners and they rent it to others.

John says...
58
Quasi Contract
 
Court enforced liability against any party who knowingly accepts a benefit not contracted for.
59
Genuine Assent
 
Four events prevent genuine assent.

1. Fraud
2. Duress
3. Undue influence
60
Fraud
 
Four elements to prove fraud.

1. Misrepresentation or omission of material fact...
61
CASE(ish): Jody Berry v. Hooters
 
Company owned 11 Hooters franchises, told all waitresses that the best seller of a brand of...
62
Duress
 
- A party threatens another to force him to enter a contract (physical, economic, emotional...
63
Undue influence
 
There is often a fiduciary relationship (trust) between the parties
- One party is usually...
64
Mistake
 
Two kinds.

1. Unilateral mistakes
- One party makes the mistake and neither...
65
Competent parties
 
In order to enter contract, both parties must be competent, meaning they must understand they...
66
Legal Object
 
Contracts are void if they are unlawful.

Contracts that violate statutes or case...
67
Three types of Contracts
 
Unilateral- Contains a promise by only one of the parties
- Ex. Promising to pay someone...


Upgrade and get a lot more done!
Upgrade    Cancel