GBL 395 Examination 2 Flashcard Set

Created Oct 18, 2012
by 911uhoh
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Property
Our legally protected rights and interests in anything of value that is subject to ownership.
Chattel
An item of tangible movable or immovable except real estate and things connected with real...
Real Property
And subset of land that has been legally defined and the improvements to it were made by human...
Personal Property
"Private property."  It is moveable. AKA "Personalty" or "Chattel"
Sublease
Transferring less than the remaining duration on a lease to another person.
Assignment
Transferring the entire remaining lease to another person.  If a subletter...
Bailment
A temporary transfer in possession and control of personal property to another person....
Bailor
Owner who is transferring possession to another person.  
Bailee and their responsibilities
The person receiving temporary possession of property. They must care for the property and...
Fungible Goods
Goods that are indistinguishable from other goods of their kind.  Ex.  Salt, sand,...
Bailee Liability for Damages
If the bailment benefits only the bailor, the bailee is liable only for gross neglect.  Ex....
Buildings and structures
Improvements to land are considered buildings.  Structures and buildings are permanently...
Fixtures
When real property is sold:
  • The buyer takes posession of the real property
  • The...
Possessory Interests in land
Having an interest in real estate because you own it. Two types:
  1. Freehold Estate
  2. Leasehold...
Fee Simple Absolute (Freehold estate)
  • Most common type
  • You have more rights to the land than anyone else...
Free simple defeasible
The grantor attaches a condition to the conveyance of land.  The grantee loses ownership...
Grantor
Seller or giver of land
Grantee
Receiver of land by gift or purchase
Differences between devising and bequeathment
Upon death, personal property is bequeathed and real property is devised
Life estate
  • Owner called a "life tenent"
  • Owner has many rights of fee...
Concurrent estates in real property See keg 6
Three types
  • Joint tenancy
  • Tenants in common
  • Tenancy...
Joint Tenancy
  • Owners must have equal interests
  • Owners are free to sell their interest...
Tenants in Common
  • Freedom to sell ones interests without consent
  • Creditors can take...
Tenancy by the Entirety
  • Permission is required to sell ones interests
  • Creditors of only one...
Leasehold estates *The lessee has exclusive ownership*
Four types
  • Tenancy for years
  • Periodic tenancy
  • Tenancy...
Tenancy for Years
  • Any fixed period of time, as long as it is fixed.
  • Start and end date...
Periodic Tenancy
  • Automatically renews for the duration of the lease
  • One party must...
Tenancy at Will
  • Either party can terminate at any time.  Must give notice as per the terms...
Tenancy at sufferance
  • Tenant stays in the property after the lease has expired.  They don't...
Non-possessory interests in land
1. Profits
  • A right you purchase to enter someones land and take things from it...
Easements
The right to use another person's land. Dominant tenement- The land owned by the user....
Easements (continued)
Easements in gross- Adjacency is not required.
  • Usually benefits many landowners
  • Ex....
Creation of easements
Three ways
  1. By express grant and express reservation
  • Granted...
Events causing owner's loss of possession
Two ways. 1. Adverse possession-
  • Same reqs in MI as prescriptive easements.  Involuntarily...
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...
Nuisance law as a restriction on land use
Public nuisance-
  • A landowner's conduct that interferes with the health and...
Government land use restrictions
Two ways- 1.  Zoning-
  • Isolates businesses from homes
  • Restricts...
Closing
The final formal step in the sale of real property.  It refers to the closing of escrow,...
Conveyance
A transfer of the title to real property by sale or gift
Deed
The instrument or document of conveyance of title to real property from one person to another
Restrictive convenant
A restriction on the use of land attached to the deed which future owners must obey.  Covenants...
Riparian
Refers to the rights of owners of land adjacent to water
Waste
The abuse, neglect, or destructive use of property by one who is in rightful possession.  It...
Intellectual Property
Intangible form of personal property; could be a company's most valuable asset which sets...
Copyright *Exclusive federal court jurisdiction*
The exclusive right to reproduce, publish, and sell a fixed form of a creative work of art
  • Lasts...
Trademark *Exclusive federal court jurisdiction*
A distinctive identifier used by a manufacturer or seller to identify its products and distinguish...
Brand names made generic by public usage
  • Cellophane
  • Yo-yo
  • Trampoline
  • Corn flakes
  • Dry...
Trade Dress
The non-functional features, characteristics, decorations, or image of goods or services that...
Trade Secret
Any secret formula, pattern, process, program, device, method, technique, or compilation of...
Patents
A monopoly the government grants to inventors allowing them to exclusively make, use, and sell...
Contracts (the six elements to form one)
Elements of a contract- All of these must be present to form a valid contract - Offer - Acceptance -...
Offer
The proposal of a bargain (exchange of two things) to another party. Intent- Did they intent...
Terminating Offers
Cannot be accepted after termination -Terms of the offer (states expiration time) - Lapse...
Acceptance
- Must be intent to accept - Acceptance must not change the material terms of the offer (essentially...
Consideration
Legal value, bargained for and given in exchange for an act or a promise. - To enforce a promise,...
Promissory Estoppel
Must have all three of these requirements: 1. A promise reasonably expected to induce promisee's...
CASE: Thorne vs. Deas (1809)
John Thorne owns a ship with 3 partners and they rent it to others. John says he will get...
Quasi Contract
Court enforced liability against any party who knowingly accepts a benefit not contracted for. Ex....
Genuine Assent
Four events prevent genuine assent. 1. Fraud 2. Duress 3. Undue influence 4. Mistake
Fraud
Four elements to prove fraud. 1. Misrepresentation or omission of material fact (a detail...
CASE(ish): Jody Berry v. Hooters
Company owned 11 Hooters franchises, told all waitresses that the best seller of a brand of...
Duress
- A party threatens another to force him to enter a contract (physical, economic, emotional...
Undue influence
There is often a fiduciary relationship (trust) between the parties - One party is usually...
Mistake
Two kinds. 1. Unilateral mistakes - One party makes the mistake and neither is aware of the...
Competent parties
In order to enter contract, both parties must be competent, meaning they must understand they...
Legal Object
Contracts are void if they are unlawful. Contracts that violate statutes or case law: Blue...
Three types of Contracts
Unilateral- Contains a promise by only one of the parties - Ex. Promising to pay someone $20...


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