Ownership Flashcards
What is the residual real right?
Ownership
2 important powers of ownership
1) Power to grant subordinate real rights
2) Can transfer right of ownership
3 ways to acquire ownership?
1) Derivative Acquisition Voluntary
2) Derivative Acquisition Involuntary
3) Original Acquisition
Voluntary derivative acquisition is?
When someone choses to transfer their ownership to you
Involuntary derivative acquisition is?
Someone or something forces ownership from one patrimony to another
Original Acqusiiton is?
When you are the first owner, maybe because you created something or because the thing was ownerless before
Who has the right originally?
The granter/ transferor/ seller/ donor
Who receives the right?
The grantee/ transferee/ buyer/ donee
What is transfer?
The movement of a right from one patrimony to another (sale/donation)
Essentials to acquisition?
- capacity
- consent
- agreement on the 3 P’s
Capacity
Must be over 16
Must be mentally capable of understanding what you’re doing
Consent
Needs to be meeting of minds, both parties must consent
Essential elements of transfer are reified to as?
The there P’s
The three P’s are?
- The parties
- Property
- Price
The parties principle
You cannot transfer to yourself must be 2 parties
Authority for needing two parties?
Board and Management of Aberdeen College v Youngson
The properties principle?
Need to agree what it is you’re transferring
The need to agree on property is referred to as what?
The specificity principle
Price
You need to agree on the price
What does it mean if you haven’t agreed on the 3 P\s?
Then no transfer