Property Law

Question 1

Business Law

What does Real Property include?

Answer 1

Land, Buildings fixed to the land, and Property under/above the land.

Question 2

Business Law

What are the characteristics of a deed?

Answer 2

Must be in writing Signed Description of Property Delivered Recorded

Question 3

Business Law

What are the characteristics of a Mortgage?

Answer 3

Must be in writing Signed Description of property Delivered

Question 4

Business Law

What are the characteristics of a lease?

Answer 4

No writing required if < 1 year Warranty of habitability is implied Death does not terminate a lease Sale of property does not terminate a lease

Question 5

Business Law

What is personal property?

Answer 5

Tangible property; such as cars; equipment; etc. Intangible property such as patents; trademarks; copyrights; etc.

Question 6

Business Law

What are the three requirements for a gift?

Answer 6

Intent for it to be a gift Delivery of the gift Acceptance of the gift

Question 7

Business Law

What are the rights of found property?

Answer 7

Lost property - Finder’s rights to property are less than Owner’s Abandoned property - Finder’s rights to property are greater than Owner’s

Question 8

Business Law

What is tenancy in common?

Answer 8

Undivided interest in a portion of the property Upon death; property goes to decedent’s heirs

Question 9

Business Law

What is joint tenancy?

Answer 9

Undivided interest in entire property Upon death; property goes to other joint tenants