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Business Law > Chapter 14 > Flashcards

Chapter 14 Flashcards

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1
Q

Abatement

A

A court order to reduce the rent to be paid to compensate for a breach of the lease by the landlord

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2
Q

Adverse possession

A

A right to actual possession, which can be acquired by non contested use of the land

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3
Q

Agreement for sale

A

An agreement where title will be transferred at some time in the future, typically once the property is fully paid for; an agreement that grants possession of property to the purchaser pending full payment of the price

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4
Q

Agreement of purchase and sale

A

The first stage in the purchase of real property; also referred to as an interim agreement between the vendor and purchaser

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5
Q

Bailee

A

The person acquiring possession of person property in a bailment

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6
Q

Bailment

A

Temporary possession by one person of chattels owned by another

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7
Q

Bailment for value

A

A bailment involving a mutual benefit or consideration flowing between the parties

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8
Q

Bailor

A

The owner giving up possession of property in a bailment

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9
Q

Building scheme

A

A set of restrictions placed on all the properties in a large development

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10
Q

Certificate of title

A

Conclusive evidence as to the ownership of a property

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11
Q

Choose in action

A

The thing or benefit that is transferred in an assignment; intangible personal property, such as a claim or the right to sue

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12
Q

Cooperative

A

An independent legal entity composed of members holding shares in it; a method of acquiring residential accommodation

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13
Q

Deed of conveyance

A

A document transferring an interest in property

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14
Q

Distress

A

Seizure by a landlord of any property left by an tenant and holding it until the rent is paid or selling it to pay rent owing

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15
Q

Dominant tenement

A

Property that has the advantage of an easement

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16
Q

Dower rights

A

Protection of the rights of a spouse in certain matrimonial property; have been modified or abolished in most jurisdictions

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17
Q

Easement

A

The right of a person other than the owner to use a portion of private property

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18
Q

Easement acquired by prescription

A

A right to the use of land that is acquired through free use of that land without interference over a number of years

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19
Q

Equity of redemption

A

An interest in land retained by the mortgagor even after default

20
Q

Estate in land

A

The right to uninterrupted possession of land for a period of time. The amount of time is determined by the nature of the estate

21
Q

Fee simple

A

The highest interest in land, equivalent to ownership; an estate granting possession for an infinite time

22
Q

Foreclosure

A

A court process ending the mortgagors right to redeem

23
Q

Forfeiture

A

The requirement by a landlord that a tenant who breached the lease vacate the property

24
Q

Fungibles

A

Goods being of such a nature that one part or quantity may be replaced by another part or quantity of a similar quality

25
Q

Homestead rights

A

Rights giving a spouse a claim to a substantial portion of family property

26
Q

Interim agreement

A

A binding contract that will subsequently be put into a more formal document; usually referred to as an agreement of purchase and sale

27
Q

Joint tenancy

A

Shared property ownership with a right of survivorship

28
Q

Land titles system

A

A registration system that guarantees title to real property

29
Q

Leasehold estate

A

An interest in land that grants the tenant exclusive possession until a specific date

30
Q

Licence

A

A non-exclusive right to use property; revocable permission to use another’s land

31
Q

Life estate

A

An interest in land ending at death of the estate holder

32
Q

Option agreement

A

A subsidiary contact creating an obligation to hold an offer open for acceptance until the expiration of a specified time

33
Q

Order for judicial sale

A

A court order that property be sold during the redemption period

34
Q

Periodic tenancy

A

Automatically renewing tenancy with no specific termination date

35
Q

Registration system

A

A means of registering and tracking property deeds

36
Q

Relief against forfeiture

A

An equitable principle that when a landlord retakes a property because of a failure to pay rent prior to the end of the lease term, the tenant can pay the arrears, and apply in the court to have the lease reinstated

37
Q

Remainderman

A

A third party with the right to the remainder of the fee simple after the death of a life tenant

38
Q

Reversionary interest

A

The right of the original owner to retake possession of property upon the death of the life tenant

39
Q

Right of way

A

A type of easement that allows the crossing of another’s land

40
Q

Riparian rights

A

The common law right given to people living near rivers and streams to have the water come to them in undiminished quantity and quality

41
Q

Servient tenement

A

The property subject to an easement

42
Q

Severance

A

An owners removal of chattel that they have affixed; separation or division of joint ownership; action by one of the co-owners that is inconsistent with joint tenancy

43
Q

Statutory easements

A

Easements giving utilities or other bodies rights to run power or sewer lines across private property and to enter the property to inspect and maintain them

44
Q

Sublet

A

A lease executed by the lessee of land or premises to a third party for a shorter term than that which the lessee holds

45
Q

Tenancy at sufferance

A

A situation in which a tenant fails to leave after a lease has expired and owes compensation to the landlord

46
Q

Tenancy in common

A

Ownership of land by two or not people with equal, undivided interests in it

47
Q

Vacant possession

A

An obligation to deliver possession of vacant premises to a tenant at the beginning of a lease period

Business Law (16 decks)

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