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The Best Review On The Planet > Property and Bailments > Flashcards

Property and Bailments Flashcards

1
Q

Property

A

legally protected rights/ interests in anything with an ascertainable value that is subject to ownership

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2
Q

Real property

A

Land and everything attached to it

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3
Q

Personal property

A

-Property that is moveable

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4
Q

Tangible property

A

Cell phones, cars, etc.

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5
Q

Intangible property

A

Stocks, patents, copyrights

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6
Q

Fee simple

A

Absolute ownership entitling the property owner to use/possess/dispose of the property as one chooses during their lifetime

-Upon death the ownership goes to heirs

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7
Q

Concurrent Ownership

A

-Persons share the ownership rights simultaneously

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8
Q

Tenancy in common

A

-2 or or more ppl own an undivided interest in property

-Upon death the tenants interest is passed to their heirs

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9
Q

Joint tenancy

A

-Each of two or more people own an undivided interest in a property

-A deceased join tenant interest passes to the surviving tenants

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10
Q

Community property

A

-Each spouse owns an undivided one half interest in property acquired during marriage

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11
Q

Gift

A

Voluntary transfer of property made without consideration

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12
Q

3 requirements for an effective gift

A
  1. The donor must intend to make the gift
  2. The gift must be delivered
  3. The donee must accept it
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13
Q

Mislaid property

A

-Property that the owner has voluntarily parted with and forgotten

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14
Q

A person who finds mislaid property…

A

DOES NOT OBTAIN TITLE TO IT!!

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15
Q

Lost property

A

Property that the owner has involuntarily parted with and cannot find

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16
Q

A finder of lost property…

A

Can claim title to the property against the whole world except the true owner

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17
Q

Estray statutes

A

Encourages and facilitates the return of property to its true owner
-Rewards the finder for honesty if the property remains unclaimed

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18
Q

Abandoned Property

A

Property that has been discarded by the owner who has no intention of reclaiming it

-If a person finds abandoned property they acquire title to it, except if they are trespassing, then it will become the land owners property

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19
Q

Stolen Property

A

A thief acquires NO title to goods that are stolen and cannot give good title to anyone else

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20
Q

An innocent purchaser who acquires a stolen item in good faith is…

A

obliged to return it to the owner

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21
Q

Tortious Bailee

A

A person who wrongfully keeps stolen or lost property

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22
Q

Bailments

A

-The transfer of possessions/ control of personal property of one person to another with the intent that the property will be returned later

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23
Q

3 requirements for a bailment

A
  1. Personal property
  2. Delivery of possession without title
  3. Agreement that the property will be returned to the bailor or disposed of according to the owners directions
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24
Q

3 types of ordinary bailments

A
  1. Bailment for the sole benefit of the bailor
  2. Bailment for the sole benefit of the bailee
  3. Mutual Benefit Bailment
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25
Q

Bailment for the sole benefit of the bailor

A

-A gratuitous agreement

Ex. Allen asks Sumi if he can store his car in her garage

Duty of Care owed: slight

26
Q

Bailment for the sole benefit of the bailee

A

-Typically occurs when one person lends an item to another person solely for the bailees convenience

-Ex. Allen asks to borrow Sumis boat

Duty of care: Great

27
Q

Mutual Benefit Bailment

A

-The most common type
-Involves compensation for both the bailor and bailee

Bailee owes reasonable degree of care

28
Q

Special Bailments

A

A business is likely to engage in bailment transactions in which:
- the bailees degree of care is extraordinary
- the bailees liability for loss/damage to the property is absolute

29
Q

Common Carriers

A

Publicly licensed to transport goods or passengers on regular routes at set rates

-Strict liability applies- the common carrier us reliable regardless of due care, except in limited circumstances

30
Q

Hotel Operators

A

-Operator of a hotel/motel that offers rooms to people

-Strict Liability applies but is avoided if a safe is provided

31
Q

Leasehold states

A

-Created when a real property owner agrees to convey the right to possess and use the property to a tenant for a period of time

32
Q

Lessor

A

Landlord

33
Q

Lessee

A

tenant

34
Q

The contract between a landlord and tenant

A

Lease

35
Q

Tenants own interest in the real estate they lease called..

A

Tenancy/ leasehold estate

36
Q

4 types of Tenancies

A
  1. Fixed-Term
  2. Periodic
  3. Tenancy at Will
  4. Tenancy at sufferance
37
Q

Fixed Term Tenancy

A

AKA: Tenancy for years
-The right to occupy property for an definite period of time
-At the end of the period specified in the lease, the lease ends and possession of the property returns to the lessor

38
Q

Periodic Tenancy

A

-Created by lease for an indefinite period with payment of rent at fixed intervals
-One that continues for successive fixed period unless one of the parties terminate the tenancy by giving advance notice

39
Q

Tenancy at Will

A

-An interest in real property that continues for an indefinite period of time

-Ex. A landlord allows a person to live on the premises without paying rent for as long as both agree

-No written agreement is required
-Either party can terminate without notice

40
Q

Tenancy at Sufferance

A

-Arises when a tenant doesn’t leave the premises after his or her tenancy has expired
-Not entitled to give notice to vacate but is liable to pay rent for the period

41
Q

Holdover tenant

A

A wrongdoer that no longer has any legal interest in the property

42
Q

Lease Agreement

A

-Provides the tenant with exclusive possession and control of the real property of the landlord

43
Q

Covenants

A

Terms in a lease that set forth the rights and duties of the landlord and the tenant

44
Q

Security Deposit

A

-To secure the payment of rent or repairs for damages to the property

45
Q

Provision

A

-Allowing renters the option to renew the lease for one or more additional periods
-Must notify the lessor on or before the date set forth in the lease

46
Q

The Landlords Duties

A

-Maintain the premises
-Deliver peaceful possession

47
Q

Landlords duties: Maintaining the premises

A

-Real property for dwelling purposes must be fit for human habitation
-Must be clean, properly heated, furnished with utilities, and safe
-You may withhold rent if not fit

48
Q

Deliver Peaceful Possession

A

-Quiet enjoyment is your right to undisturbed possession of the property

49
Q

Tenants duties

A

-Abiding by the terms in the lease
-Avoid Waste

50
Q

Abiding by the terms in the lease

A

-Pay rent when rent is due
-Observe the valid restrictions contained in the lease

51
Q

Avoid Waste

A

-Waste- Substantial damage to premises that significantly decrease the value of the property
-Must return the premises in good conditions or pay for damages

52
Q

Assignment occurs when…

A

-you transfer the remaining period of time in a lease to someone else

53
Q

Sublease occurs when..

A

You transfer part of the term of a lease but not the remainder of it
-the original tenant is still responsible for rent

54
Q

Implied covenant of Good Faith and Fair Dealings

A
  • The landlord may not withhold consent to the sublease or assignment or long-term leases to commercial premises without good reason
55
Q

Eviction

A

-When a landlord deprives a tenant of the physical possession of the premises

-Can be evicted for not paying rent, remaining after the expiration of the lease, damages to premises, violating provisions

56
Q

Can a landlord use force to evict?

A

NO! A court order must be obtained

57
Q

Constructive Eviction

A

-When a landlord breaches a duty under the lease
-You may consider the lease terminated, leave the premises, and stop paying rent

58
Q

When someone is injured on rented property..

A

Both the tenant and the landlord may be liable
-Whoever is in control of he area where the injury occurs is liable, if the injury is caused by negligence

59
Q

-Landlord can be liable for injury caused by defects in

A

common areas

60
Q

-Tenants can be liable for injury caused by defects in

A

The portion of the premises in which they have control

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