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Quiz 1-Business Law
It will contain definitions for my Law exam
| Term | Definition |
|---|---|
| Real Property | The land and everything permanently attached to it. It is immovable. (Buildings, trails, drive throughs) |
| Personal Property | Everything else that it is not real property. Is capable of being moved (car, stocks, copyrights) |
| Personal Property - Tangible | Elements that have physical substance (car, TV, construction equipment, boats, airplane, books, jewelry) |
| Personal Property - Intangible | Elements that do not have a physical substance (bonds, shares, stocks, copyrights, patents, trademarks) |
| Fixture | Personal property that became personally attached to the real property causing the law to view it as real property. The item may be embedded into the land or permanently attached to the property by means of cement, nails, screws. |
| Fixture characteristics | A fixture is normally included in the sale of land unless the sales contract specifies otherwise. At the end of the lease, the landord will get all the fixtures |
| Test to determine Fixture Status (1) | Attachment: test how physically attached the asset is to the Real Property. Did it caused damage when trying to remove? This test alone will NOT provide a fixture status |
| Test to determine Fixture Status (2) | Adaptation test: does the item enhances the usefulness of the property or makes it more valuable? c. Intention: what did the person intended to cause? Can it alone stablish fixture status? |
| Test to determine Fixture Status (3) | Agreement to test: parties by contract define the property as a fixture. You have to clearly identify the fixture in the contract |
| Trade fixtures | Personal property that is installed for a commercial purpose by a tenant. Trade fixtures remains in ownership of the tenant |
| Test to determine Fixture Status (4) | Intention: what did the person intended to cause? Can it alone stablish fixture status? |
| Acquiring ownership of personal property | Can be acquired by purchasing it, will, inheritance, possession, production, gift, accession, confusion, trade, awarded/win (lottery), escheate, finding personal property. |
| Possession | A person can become owner of personal property merely by possessing it. For example with abandon property We possess a rent but don't own it. |
| Production | The production of personal property may thereby acquire title to it. For example, writers, inventors, manufacturers. |
| Gift | Mean of acquiring ownership of property. The donor gives the donnee certain elements of a valid gift. There must be a donative intent from the donor to give it, acceptation from the donnee, delivery, and the donor relinquishes all dominion of control. |
| Types of gift deliveries | Actual Physical delivery (car) Constructive delivery (keys, documents) |
| Types of gifts | Inter vivos: known as your general/basic type of gift Causa mortis: donor is contemplating imminent death and offers a gift. It requires the donor to die of the contemplated cause, a desire of intent, delivery, and acceptance. |
| Escheate | Unacclaimed property due to being dormant or dying. |
| Accession | Piece of personal property that someone added value to it. The owner will almost always keep the ownership of the property. Accession means "something added" |
| Confusion (fungible goods) | Type of property that when you mix it with other people's you do not know who is who. All of them all "confused" together like with grains or milk. You have a right to certain percentage. |
| Finding Personal Property | It can be abandoned, lost, or mislead/misplaced |
| Abandoned Personal Property | There is no intention from the owner to ever retrieve the property. A good example if furniture or glass bottles. First one who finds it, OWNS IT! |
| Lost Personal Property | Property that has been left behind unproperly where the owner may try to come back and claim it. After 6 months if no one claims it, the finder gets it. The true owner has superior title > over the finder |
| Mislead/Misplaced Personal Property | The owner deliberately placed intentionally an asset. For example the jar with money in a driveway. The owner has the biggest power > then the owner of real state has more power > than the finder |
| Bailment | Delivery of personal property, without the transfer of title, by one person. It occurs between the party that owns personal property (bailor) and the bailee. It is usually used to loan, lease, store, repair or transport property. |
| Bailment characteristics | When the purpose is completed, the bailee is required to return the bailed property in the same of better conditions to the bailor It only involves personal property. Its used is restricted from the public. |
| Steps for a bailment | The bailor intents to make a bailment, the bailee accepts, the personal property (bail goods) have to be delivered from the BR to BE (actual or constructive), the bailee goods are returned to the bailor or designated people at the end of the bailment. |
| Types of bailment | Mutual Benefit: requires ORDINARY care. It involves money, that is why its called mutual benefit. Bailor Beneficiary: bailee kept the property as a favor. SLIGHT care. Bailee Beneficiary: the bailee is responsible for EXTRAORDINARY care. |
Created by:
EstefaniaCortes
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