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BUS 340 - Final Exam
Definitions
| Question | Answer |
|---|---|
| Real Property | Land and everything permanently attached to it, including buildings, plants, minerals, and water both on and below the surface, all the way to the center of the earth, as well as the air up to 1000 feet |
| Four Forms of Property Ownership | Fee simple absolute, life estate, remainder, and leasehold |
| Fee Simple Absolute | Outright ownership of property; includes exclusive rights to use and enjoy property and the right to transfer the property or any portion of it |
| Life Estate | The right to use property for the lifetime of some individual (life tenant) |
| Remainder | The individual who receives the life estate after the life tenant dies. This individual has exclusive rights to the property (fee simple ownership) but cannot commit waste |
| Leasehold Estate | When the real property owner/landlord/lessor agrees to convey the right to possess and use the property to the tenant/lessee for a certain period of time |
| Term for Years Tenancy | Property is leased for a specified period of time. At the end of the period specified in the lease, the lease ends without notice, and possession of the property returns to the lessor |
| Periodic Tenancy | A lease that does not specify how long it is to last but does specify that rent is to be paid at certain intervals. Notice of one full period is required to terminate the tenancy. |
| Non-Possessory Interests | Interests in land which don't include any rights to possess the property (such as easements and profits); interests in real property owned by others |
| Easement | The right of a person to make limited use of another person's real property without taking anything from the property |
| Profit | The right to go onto land owned by another and take away some part of the land itself or some product of the land |
| Easement or Profit Appurtenant | When the owner of one piece of land has a right to go onto/remove things from an adjacent piece of land owned by another |
| Easement or Profit in Gross | The right to use or take things from another's land is given to one who does not own an adjacent tract of land. These easements are intended to benefit a particular person or business, not a particular piece of land, and cannot be transferred |
| Deed | A required document for transferring title and possession of property from one person to another |
| Requirements of an Effective Deed | (1) Specify the names of the grantor and grantee (2) Include words of conveyance (3) Contain legally sufficient description of the land (4) Signed by the grantor and spouse under seal (5) Be delivered |
| General Warranty Deed | The grantor promises that s/he has good title to the land and will warrant and defend the land against adverse claims to it |
| Quitclaim Deed | The grantor transfers his or her interest in the property, if anything, but cannot warrant and defend the land against adverse claims to it |
| Adverse Possession | A means of obtaining title to property without a deed |
| Requirements of Adverse Possession | (1) Open and notorious (2) Actual (3) Continuous (3) Exclusive (4) Hostile and adverse |
| Eminent Domain | For the good of the public, governments have the power to take property, so long as the landowner is compensated for the fair market value of the taken property |
| Zoning | Governmental rights to restrict land to certain uses, such as residential, commercial, and industrial |
| Restrictive Covenants | Private restrictions of the use of land (e.g., shutters must be painted blue) |
| Lease | Document that governs the relationship between landlords (lessors) and tenants (lessees); entitles the lessee to exclusive use of the leased premises |
| Leases and rules about renting generally apply to what four areas? | (1) Possession of the property (2) Use of the property (3) Maintenance (3) Rent |
| Quiet Enjoyment | The landlord, by act of leasing the premises, agrees that neither they nor anyone with superior title will interfere with the tenant's possessory rights |
| Eviction | The interruption of the tenant's right to quiet enjoyment of property |
| Nuisance | Any non-physical invasion of the property of another, such as continuous noise or odor |
| Four actions a tenant can take if a landlord fails to maintain the premises in a habitable condition | (1) Withold rent (pay into an escrow account) (2) Repair and deduct (3) Lease cancellation (4) Action for damages |
| Three actions a landlord can take if a tenant fails to pay rent | (1) Landlord's lein/change locks, seize property, and sell it at auction (2) Action for damages (3) Recovery of possession |
| Midlaid Property | Property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten |
| Lost Property | Property that has been involuntarily placed somewhere by the owner and then involuntarily left |
| Estray Statutes | Encourage and facilitate the return of property to its true owner and reward the finder for honesty if the property remains unclaimed |
| Abandoned Property | Property that has either been voluntarily or involuntarily placed and intentionally left behind |
| Bailment | Formed by the delivery of personal property, without transfer of property, from one person to another (usually to loan, lease, store, repair, or transport the property) |
| Bailment for the Sole Benefit of the Bailor | Bailee liable for only gross negligence (conduct so reckless that it shocks the conscience) |
| Bailment for the Sole Benefit of the Bailee | Bailee liable for even the slightest negligence |
| Bailment for the Mutual Benefit of the Bailor and Bailee | Bailee liable for ordinary negligence; standard of care is reasonable. Involves some form of compensation for storing items or holding property |
| Misdelivery | Delivering personal property to the wrong person |
| Sole Proprietorship | A business form composed of a single owner who supervises and maanages the business and is subject to unlimited liability |
| Franchise | An arrangement in which the owner of a trademark, a trade name, or a copyright licenses others to use it in the selling of goods or services |
| Distributorship | A manufacturer (the franchisor) licenses a dealer (the franchisee) to sell its product. Often, these cover an exclusive territory. |
| Chain-Style Business Operation | A franchisee operates under the trade name of the franchisor and follows franchisor rules for doing business |
| Processing Plants | The franchsor sends to the franchisee the essential ingredients or formula to make a particular product. The franchisee then markets the prouct at wholesale or retail |
| Partnership | Arises from an agreement, express or implied, between two or more persons to carry on a business for profit |
| Joint Venture | Partnership for a limited duration and purpose (short-term partnership) |
| Limited Liability Partnership | Designed for professionals who normally do business as partners in a partnership. Innocent professionals have limited liability for the errors, omissions, negligence, incompetence, or malfeasance of their partners |
| Offer | A promise or commitment to do or refrain from doing some specified action in the future |
| Revoke | To withdraw an offer. Must be communicated to the offeree before the offeree accepts |
| Option Contract | Payment for the right to consider an offer for a fixed time period |
| Detrimental Reliance | The offeree relies, to his or her detriment, on the offeror's promise |
| Counteroffer | A rejection of the original offer and the simultaneous making of a new offer |
| Acceptance | A voluntary act by the offeree that shows agreement to the terms of an offer. The acceptance must be unequivocal and must be communicated to the offeror |
| Consideration | Something of legally-sufficient value is given in exchange for a promise |
| Preexisting Duty | A promise to do what one already has a legal duty to do (not considered legally sufficient consideration) |
Created by:
howellme