Legal Survey vocab for paralegal test 4: property, estate, family, bus. org.
Quiz yourself by thinking what should be in
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| Property | show 🗑
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| show | Land and items growing on or permanently attached to that land
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| Personal Property/Chattel | show 🗑
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| show | Property that can be touched & moved
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| Intangible | show 🗑
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| show | Intangible assets that are the product of someone’s intellectual creation
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| show | Terms,names,logos that identify particular products or services
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| show | Symbols used in connection with service-oriented businesses
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| show | Give authors, etc. right to control their creations
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| show | Gives owner the right to exclude others from making, using, or selling invention
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| show | An interest in or a title to real property
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| Freehold estate | show 🗑
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| Leasehold estate | show 🗑
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| show | Ownership free from any condition or restriction
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| show | Current owner retains ownership only as long as certain conditions are met, if conditions are not met, ownership reverts to the previous owner (the grantor) through reversion; or is given to a third-party = remainder
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| Life estate | show 🗑
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| show | Deed to a person as long as a third person is alive
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| show | Ownership by 2 or more persons who have equal rights in the use of that property. When a joint tenant dies, that person’s share passes to the other joint tenant(s)
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| Tenancy in Common | show 🗑
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| show | A special type of joint tenancy applicable only to married couples. Neither the wife or husband can transfer the property without the others consent
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| Joint tenancy with a right of survivorship | show 🗑
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| Restrictive covenant | show 🗑
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| show | A right to use property owned by another for a limited purpose
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| Easement in gross | show 🗑
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| Easement appurtenant | show 🗑
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| Lease | show 🗑
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| Lessor | show 🗑
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| show | Tenant
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| Leasehold | show 🗑
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| show | Aka Estate for years, lease establishes a set period of time
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| show | Rental periods are established at set intervals (week to week, year to year,etc)
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| Tenancy at will | show 🗑
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| show | A situation in which ther person in possession of the land has no legal right to be there
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| show | Eviction procedures (in some states)
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| show | NC now has this form - supposed to by quicker, cheaper
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| Partial eviction | show 🗑
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| Constructive eviction | show 🗑
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| show | Illegal; e.g. landlord evicts you for your complaint to the health dept. about poor conditions
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| 6 means of transferring real property | show 🗑
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| show | A document that spells out the nature of the services a real estate agent will perform with respect to selling real property and how the agent will be compensated for those services
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| Earnest money | show 🗑
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| show | An examination of documents recording title to the property to ensure the owner has a clear title
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| show | Aka marketable title, an ownership right that is free from encumbrances or other defects
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| show | A condensed history of the title, which includes the chain of ownership and a record of all liens, taxes, or other encumbrances that may impair the title.
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| show | Insurance against any loss due to a defective title
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| Mechanic’s lien | show 🗑
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| Encumbrance | show 🗑
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| show | Meeting at which the buyer and the seller and/or their rep. sign and deliver a variety of legal documents
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| Deed | show 🗑
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| Warranty deed | show 🗑
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| show | Grantor didn’t do anything to cloud title, but can’t be sure of previous owners
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| show | A deed in which the grantor gives up any claims to the property without making any assertions about there being a clear title
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| Closing statement | show 🗑
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| show | An installment contract for the sale of land. Buyer takes physical possession and begins making monthly payments to the seller, which will be applied to the agreed-on sale price. If buyer defaults, the seller gets to keep title to the property & payments.
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| Decedent | show 🗑
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| show | A gift of real estate that is given to someone through a will
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| Foreclosure | show 🗑
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| show | A clause authorizing a private foreclosure sale that does not require court action
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| Eminent domain | show 🗑
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| show | The amount of money the gov’t must pay the owner of property it seizes through eminent domain
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| show | A transfer of real property rights that occurs after someone other than the owner has had actual, open, and exclusive use of the property for a statutorily determined number of years
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| Bailment | show 🗑
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| show | The owner of the personal property that is being temporarily transferred as part of a bailment
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| show | The party taking temporary control of the personal property during a bailment
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| Accession | show 🗑
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| show | Fungible - goods that are not unique (barrel of wheat)
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| show | Goods get not only commingled, but mixed into something new
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| Mislaid | show 🗑
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| Lost | show 🗑
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| show | Willingly relinquish your ownership - finder becomes new rightful owner
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| Estray statute | show 🗑
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| show | Applies to banks, insurance companies, corporations, etc. - property not claimed goes to the state
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| show | Special case - property was not lost, mislaid, abandoned; nonetheless, the rightful owner no longer known - property rights go to the finder (even if on someone else’s land)
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| show | The total property of whatever kind, both real and personal, that a erson owns at the time of his or her death
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| show | The document used to express a person’s wishes as to how his or her property should be distributed upon death; not a contract - no consideration; not a gift - no delivery by the giver
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| Testate | show 🗑
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| show | When a person dies without a valid will
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| Testator/testatrix | show 🗑
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| show | A will that has been prepared on a word processor or typewriter and has been properly signed by the testator & witnesses
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| show | Informal will; one that was handwritten by the testator, without the witnesses signatures necessary for a formal will. About ½ the states recognize such wills as valid
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| Nuncupative will | show 🗑
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| Bequest/legacy | show 🗑
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| Beneficiary | show 🗑
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| show | A person appointed by the testator to carry out the directions and requests in his or her will
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| Guardian | show 🗑
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| show | Clause stating that if a person named as beneficiary in the will dies shortly after decedent, it's assumed for purposes of the will that the person failed to survive the decedent; often inserted for tax purposes so estate taxes aren’t paid twice
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| show | A notarized affidavit, signed by the attesting witnesses, that may eliminate the need to call witnesses during the probate process to attest to the validity of the will.
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| show | A supplement or addition to a will that modifies, explains, or adds to its provisions. (Alternatively, the testator can destroy the old will and draft a new one.)
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| Living will | show 🗑
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| show | Someone appointed to do something on your behalf even after (or upon) you lose your mental capacity
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| Probate | show 🗑
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| Executor | show 🗑
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| show | Person appointed by the court to carry out the directions & requests of a will
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| Heir | show 🗑
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| show | Persons related to the decedent by blood (consanguinity)
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| show | Persons related to the decedent by marriage
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| show | Grandparent, parent, child, grandchild, or great grandchild of the decedent
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| Descendants | show 🗑
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| show | One who has the same ancestors but does not descend from the decedent (siblings)
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| show | Aka right of representation; a method of dividing an intestate estate whereby a person takes in place of the dead ancestor. (if a parent is dead, the children inherit the dead parent’s share); alternative method is per capita
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| show | A reversion of property to the state when there are no heirs
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| Testamentary capacity | show 🗑
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| Trust | show 🗑
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| show | Aka grantor or settler; a person who creates a trust
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| show | Ownership must vest withing lives in being + 20 years + gestation period (9 months). If it doesn’t have end, trust is invalid from the beginning
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| Trustee | show 🗑
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| show | One that is created before a person’s death
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| Living trust | show 🗑
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| Causa mortis gift | show 🗑
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| show | The donor can change the beneficiaries and terms at any time and take back full ownership and control of the property
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| show | The terms of the trust cannot be changed and the donor cannot regain ownership or control of the property
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| Testamentary trust | show 🗑
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| show | The property of the trust
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| show | Usually written trust (rarely oral)
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| show |
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| Charitable Trust | show 🗑
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| Spendthrift Trust | show 🗑
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| show | Grantor puts money in separate account in their name for the benefit of a trustee. It can be revoked at any time.
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| show | Group of people all put money in - it stays until last of them die & that person’s child(ren) get all the money
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| show | One owner, single taxation, unlimited liability
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| show | Two+ owners, single taxation, unlimited liability
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| Corporation | show 🗑
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| show |
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| show |
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| Limited liability company | show 🗑
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| show | A partnership of at least one general partner and one or more limited partners. The limited partners’ liability is limited to their investments so long as they do not participate in management decisions
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| show | Known as a gap filler, the UPA comes into play only if terms are left out of a partnership agreement
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| Partnership by estoppel | show 🗑
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| show | A distribution of the corporate profit as ordered by the directors
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| show | Primary document needed to form a corporation
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| Registered agent | show 🗑
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| show | Persons who hold shares of stock. They elect board of directors.
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| show | Responsible for the management of the corporation
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| show | A relationship in which a person in a position of trust is responsible for acting in the best interests of another party
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| show | Relatively small operations in which one person or the members of one family own all the stock
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| Foreign corporation | show 🗑
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| Domestic corporation | show 🗑
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| show | A corporation formed in another country
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| Domestication | show 🗑
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| Public corporation | show 🗑
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| show | Small number of shareholders
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| Closely Held (or Close) corporation | show 🗑
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| Piercing the corporate veil | show 🗑
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| show | A new form of business ownership that gives small businesses the advantage of liability limited to the amount of the owner’s investment along with single taxation
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| show |
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| Commercial paper | show 🗑
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| show | Whenever a supplier or creditor asks for a guarantee of repayment in the form of collateral
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| Note | show 🗑
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| Co-makers | show 🗑
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| Guarantor | show 🗑
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| show | Three-party instrument in which the drawer orders the drawee (if bank it’s a check, if else it could be money order) to pay money to the payee; it is an order to pay
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| Check | show 🗑
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| Cashier’s check | show 🗑
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| show | Drawn by a bank on another bank
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| show | Check accepted for payment by a bank (bank promises to cash it)
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| Bearer paper | show 🗑
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| Indorsement in blank, blank endorsement | show 🗑
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| Special endorsement | show 🗑
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| show | When an indorser writes “pay to Person C without recourse” on the back. Person B is not responsible if it bounces
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| Order paper | show 🗑
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| show | Commercial paper that can be transferred by endorsement or delivery. Must meet the requirements of UCC s 3-104 to be negotiable. If it does not, a transferee cannot become a holder but only gets the rights along with the liabilities of a contract assignee
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| show | 1. in writing, 2. signed by the maker or drawer, 3. an unconditional promise or order to pay, 4. state a specific sum of money, 5. payable on demand or at a definite time, and 6. payable to order or to bearer
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| show | If bearer paper - a person becomes holder by proper delivery; if order paper, by proper delivery AND it must have all necessary indorsements
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| Holder in due course | show 🗑
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| Shelter principle | show 🗑
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| Personal defense to neg. instrument | show 🗑
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| show | Even HDC not protected - bankruptcy, alteration, forgery
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| UCC requirements for holder in due course | show 🗑
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| Attached security interest (attachment) | show 🗑
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| Perfected security interest (perfection) | show 🗑
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| Purchase money security interest PMSI | show 🗑
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| show | Rule protecting the ordinary buyer. (If you buy a tv from Sears & Sears defaults on a debt incurred in purchasing tv inventory. The creditor can’t seize your tv.)
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| Order of priorities among creditors & buyers | show 🗑
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| Floating lien | show 🗑
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| Agent | show 🗑
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| show | A person who permits or directs another person to act on the his/her behalf
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| Fiduciary duty | show 🗑
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| show | If the thing you want your agent to do must be in writing, then the agency relationship must be created in writing
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| Actual authority | show 🗑
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| Apparent authority | show 🗑
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| show | 1. estoppel - if principal holds you out as an agent & a 3rd party relies on that, 2. by order of law “agent for service of process” - if agent dies - someone is appointed to take place, 3. by emergency
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| show | 1. performance, 2. notification, 3. loyalty, 4. obedience, 5. accounting
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| show | 1. compensation (usually), 2. reimbursement & indemnification, 3. cooperation, 4. safe working conditions
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| show | Identity of agent & principal known; if breach of contract, principal is liable, not agent
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| show | Identity of principal unknown; if breach of contract, both are liable
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| show | Not aware you’re dealing with an agency relationship; if breach of contract, agent is liable, principal can be held liable if identity discovered
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| show | “let the master answer”, tort theory that an employer can be sued for the negligent acts of its employees
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| Title VII | show 🗑
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| Protected categories under Title VII | show 🗑
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| 3 theories of discrimination | show 🗑
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| Overt discrimination | show 🗑
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| Bona fide occupational qualification | show 🗑
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| Disparate treatment | show 🗑
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| Disparate impact | show 🗑
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| show | The necessity to produce some evidence, but it need not be so strong as to convince the trier of fact of its truth.
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| show | The necessity of proving the truth of the matter asserted
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| show | Involving an exchange of sexual favors for employment benefits
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| Intimidating, hostile, or offensive work environment | show 🗑
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| show | Allows an employer to use race or gender as a “plus factor” when choosing between two equally qualified applicants
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| show | Age Discrimination in Employment Act (1967) - Protected class age 40+
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| show | Americans with Disabilities Act (1990)
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| show | A physical or mental impairment that substantially limits a major life activity
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| show | An impaired individual who can perform the essential job functions
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| Reasonable accommodation | show 🗑
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| Family law | show 🗑
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| show | A marriage in which the couple has obtained the proper marriage license from a local government official and has then taken marriage vows before either a recognized member of the clergy or a judge and a designated number of witnesses.
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| show | A marriage that has not been solemnized but in which the couple has mutually agreed to enter into a relationship in which they accept all the duties and responsibilities that correspond to those of marriage
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| Forced share | show 🗑
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| show | A document that prospective spouses sign prior to marriage regarding financial and other arrangements should the marriage end
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| Anti-heart-balm statute | show 🗑
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| show | A legal (or religious) judgment that a valid marriage never existed. Because a legal marriage never existed, normally there are no continuing matrimonial obligations, such as a duty to pay support or attorney’s fees.
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| Divorce (aka dissolution) | show 🗑
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| Voidable marriage | show 🗑
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| Void marriage | show 🗑
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| show | A false representation of facts or intentional perversion of the truth to induce someone to take some action or give up something of value
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| No-fault divorce | show 🗑
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| Temporary restraining order (TRO) | show 🗑
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| Protection order | show 🗑
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| show | A document that contains the arrangements agreed on by the parties to a dispute
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| Marital property | show 🗑
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| show | Financial support and other forms of assistance required to supply the “necessities” of life; in NC: alimony terminated by remarriage or cohabitation of the dependent spouse, or by the death of either spouse
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| show | States that classify all property acquired by either the husband or the wife during the marriage, with the exception of gifts or inheritance, as marital property to be equally distributed between the spouses at the time of the divorce.
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| show | A system for distributing property acquired during a marriage on the basis of such factors as the contributions of the souses, the length of the marriage, the age and health of the souses, and their ability to make a living
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| show | The child lives with and has day-to-day activities supervised by the designated parent or guardian
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| Legal custody | show 🗑
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| show | One parent has both physical and legal custody of the child
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| show | Both parents have an equal say in making major decisions
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| Split custody | show 🗑
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| Split or divided custody | show 🗑
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| show | Court appointed person, usually an attorney or social worker, who speaks for the interests of the child
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| show | Court determines the extent to which the noncustodial parent can visit the child
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| Child support | show 🗑
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| Garnishment | show 🗑
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| Extradition | show 🗑
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| show | An adoption in which a licensed agency assumes responsibility for screening adoptive parents and matching them with available children
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| show | An adoption that involves a private agreement between the birth parents and the adoptive parents
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| Surrogacy contract | show 🗑
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| Child neglect | show 🗑
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| show | Intentional harm to a child’s physical or mental well-being
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| show | An evidentiary standard that requires more than a preponderance of the evidence but less than beyond a reasonable doubt
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| Emancipated minor | show 🗑
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| NC divorce | show 🗑
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| NC division of property | show 🗑
|
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