Chapter 9 - Property Law Flashcards
Property Law
a field of law that includes a broad range of legal rights and duties in the areas of real and personal property
Real Property
land, including everything attached to it
Personal Property
anything not real property
tangible (chattels)
intangible
Intellectual Property
type of personal property resulting from an individuals creative activities
Fee Simple Ownership
most absolute form of land ownership
Joint Tenancy
shared, undivided ownership
death of one passes on full ownership to the other
Tenants in common
each owns an undivided interest that belongs exclusively to them
death of one will put their portion in their estate
Registry System
a system of land registration operated by provincial gov. to record interest in land
Does not guarantee ownership
Land Title System
a system of land registration under which the provincial gov. guarantees the accuracy of title on land
Fixed Tenancy
tenancy that has a fixed beginning and end date
Periodic Tenancy
renews automatically at the end of the relevant rental period
Four Types of Commercial Leases
Net Lease
Lease
Gross lease
Semi-gross lease
Quiet Enjoyment
right for tenant to occupy and use premises without interference from landlord
Right of Distress
right of a commercial landlord to seize and dispose of the tenant’s property following nonpayment
Bailment
the legal relationship that arises when the elements of the ownership and possession of personal property are intentionally divided for a period of time
Consignment
transfer of possession of goods from one person to another for the purpose of offering for sale
Copyright
statutory protection of the intellectual property rights of the creators of music, literature, software, etc.
Trademarks
identifiable features used to distinguish the goods or services of a business from those offered by another
