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Law Exam 3

TermDefinition
Concepts of a Lease Separates ownership from usage; allows the use of an asset with financial obligations made to the owner.
Private Nuisance Claim that arises when one property in unreasonably interfered with marketing the property inhabitable or inoperable.
Fee Simple The owner has the fullest legal rights and the power to possess, use, and transfer the land.
Life Estate When the ownership is granted to an individual for the duration of their lifetime.
Reversion Interest When the life estate owner dies, the property ownership returns to the original owner.
Remainder Interest When the property ownership is given to a 3rd party once the life estate owner dies.
Leasehold Estate The property and property rights granted to tenants by a landlord.
Concurrent Ownership More than one owner can own the same thing. Ownership is undivided. Shareholder of a corporate are concurrent owner as are partner of a partnership.
Joint Tenancy The property interest in undivided, and all owner have equal ownership shares. They also have right of survivorship
Rights of Survivorship When one owner in concurrent ownership dies, the remaining ownership shares are given to the living owners.
Tenancy In Common The property interest is undivided, but owners can have different and unequal ownership shares, and they do not have rights of survivorship.
Rule of Capture Allows landowner to extract subsurface fluids and gases from underneath land adjacent from their property.
Briggs v. Southwest energy Example of the Rule of Capture
The Fair Debt Collection Act Regulations for debt collection practice established as a result of harassment and personal abuse claims.
1 thing collectors cant do use obscene language
2 thing collectors cant do threaten the debtor with abuse or arrests
3 things collectors cant do Falsely represent themselves as an attorney
4 things collectors cant do Fail to disclose their identity as a collector.
Equity Security Represent ownership of a company; it grants potention earnings from dividends and voting rights.
Debt Security Represents a loan an investor makes to an issuer. The issuer agrees to pay the principle and interest.
Hybrid Security Combines Equity and Debt through fixed regular payments and perpetual terms
Derivative Security Financial contracts with varying value dependent on underlying assets like interest rates.
Equity example Common Stocks, Mutual Funds.
Debt Example Bonds, Debentures.
Hybrid Example Convertible Bonds, Preferred Stocks
Derivative Example Options and Futures.
Sole Proprietorship Creation The Owner obtains any necessary licenses or certifications and begins business
Sole Proprietorships Liability All financial and legal obligations fall on the sole owner.
General Partnerships Creation All partnerships must have: 2 or more owners, equal business interest, and sharing of profits and loses
General Partnership Liability Financial and legal responsibility calls on both/all owners as individuals
Corporations Creation The state will grant a charter in respond to an application of individuals known and incorporators. Paying fees and taxes.
Corporation liability The debt falls on the owner only to the extenso of those established shareholders investments.
Piercing the Corporate veil When a corporation or company is not operations appropriately, you can sue the owner individually to receive debt/damages in the case that the corporation does not have the means.
Created by: user-1895504
 

 



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