Exam 1 Flashcards
How does the law classify the following objects:
- a garage
- a concrete foundation
- a house
- the land
- the lumber, drywall and shingles in sacks when delivered
- the lumber, drywall and shingles in finished product
- the lumber, drywall and shingles after tornado destruction
- GM stock certificate
- Stock certificate of company that does not exist anymore and is collectors item
- real
- real
- real
- real
- personal tangible
- real
- personal tangible
- personal intangible
- personal tangible
Three elements to consider if item is a fixture
- How attached is the item in question?
- Effect of removal on:
a. the item itself
b. the surrounding real property - Closeness/relatedness of use between item and real property
Personal Property
- Moveable
- Can be tangible or intangible
- Everything that isn’t real property
Real Property
- Permanent/Immovable (Tangible)
- Land and anything firmly attached to it
- Fixtures
Tangible Property
-has a physical existence (can be seen, felt and touched)
Intangible Property
-Ideas, Accounts Receivable, other items of economic value but without physical existence (songs, stories, lectures & stock)
Is property stuck in its original classification?
No, it can move through any classification
How should you view property?
As a bundle of rights
- What is Eminent Domain?
- What qualifications need to be met to take the property?
- Is Eminent Domain the same in every state?
- a floating community right hovering above property that may be used if community needs private property for public use and government is willing to pay for it
- Public Purpose & Public Necessity
- No, it varies from state to state
-Property Right Components and Question To Satisfy With Them
- Property Rights Component: Do you have legal ownership of the item in question
- Regulatory Component: Is there anything else effecting the ownership of the item in question
Easement
Allowing someone the right to cross over your land subject to the original terms
- Bailment
- Two persons involved and what they are
- Legally borrowing something
- Bailor (lender) and Bailee (receives the loan)
System to answer essay questions
IRAC Method I: State the Issue R: State the Legal Rule A: Apply the Rule C: Conclusion in Probabilities with no Absolutes
Supremacy Clause
Federal laws take precedence to State laws and even State Constitutions
Complaint
Pleading asking court for some type of relief, states nature of claims P has against D