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PIMS - Business law > week 4 (11) > Flashcards

week 4 (11) Flashcards

1
Q

the bundle of rights in a thing so that a person can own, use, enjoy, transfer ownership and exclude other people from owning, using and enjoying
-the rights in property are protected by the government

A

property real and personal

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2
Q

land and things firmly attached to the land

A

real property

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3
Q

classifications of property (2)

A
  1. real property

2. personal property

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4
Q

everything else; movable

A

personal property

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5
Q

things that you can see and touch;

car, laptop, folding chairs etc

A

tangible

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6
Q

aright to something;

patents, copyrights, stock, contract

A

intangible

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7
Q

formerly personal property but now so firmly attached it has become real property

A

fixtures

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8
Q

acquiring real and personal property (3)

A
  1. purchase
    - contract
  2. gift
    - donor intends to make a gift
    - properly delivered to donee
    - donnee accepts gift
  3. inheritance
    - gifts from deceased
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9
Q

acquiring personal property (3)

A
  1. found property
  2. abandoned
  3. mislaid
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10
Q

-finder becomes new owner after searching for true owner or until true owner locates and claims the property

A

found property

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11
Q

owner purposely gave up ownership

-finder becomes new owner

A

abandoned

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12
Q

owner intentionally places property and fails to return to claim it
-finder is bailee and becomes owner after time that true owner does not return

A

mislaid

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13
Q

document transfer ownership ; title to real property

2

A
  1. deed

2,. life estate

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14
Q

absolute

  • broadest form of ownership
  • owns for ever (passes through estate when owner dies)
A

deed

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15
Q
  • owns interest in real property for duration of a person’s life
  • when person dies their ownership, interest ends
A

life estate

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16
Q

types of deeds (3)

A
  1. general warranty deed
  2. special warranty deed
  3. quit claim deed
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17
Q

guarantees seller owns the property and there are no claims, judgements or defects in the title at any time prior to this transfer

A

general warranty deed

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18
Q

guarantees seller owns property and there are no claims, judgements or defects in the title that occurred during the sellers ownership

A

special warranty deed

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19
Q

there are no guarantees about anything

  • used by fiduciary of estate, sheriff sale deed, etc
  • also called fiduciary deed
A

quit claim deed

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20
Q

is performed to confirm that there are no claims, judgements or defects in the title for a stated period of time in the warranty period

  • searches recorded deeds, mortgages, judgements, liens, bankruptcy records etc
  • issue a title insurance policy
A

abstract of title

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21
Q

documents transferring ownership; title to personal property

A
  1. bill of sale

- title to automobile

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22
Q

4 ways to own property

A
  1. sole owner
    (3 joint ownerships)
  2. tenants in common
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23
Q

own entire 100%

  • right to enjoy entire property, obligated for entire liabilities
  • at time of death; owners interest passes through deceased owners estate
A

sole owner

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24
Q
  • fractional interest; need not be equal
  • right to enjoy property obligated for entire liabilities
  • fractional share passes through decedents estate
A

tenants in common

joint ownership 1

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25
fractional interest; must be equal - right to enjoy entire property obligated for entire liabilities - fractional share automatically passes to surviving tenants - not through estate of deceased joint tenant
Joint tenants with right of survivorship (joint ownership; 2 of 3)
26
- only for husband and wife - fractional interest; must be 50% each - right to enjoy entire property obligated for entire liabilities - surviving spouse automatically becomes the sole owner - doesn't pass through the estate of the deceased spouse
tenants by the entireties (joint ownership 3 of 3)
27
lender of money aquires a lien, security interest, against real property owned by the borrower - analgous to the lien the bank places on the title of the car as security in the event the borrower doesn't pay back the loan - borrower signs a mortgage note promising to repay the loan - mortgage foreclosure - sheriff conducts a sale and proceeds pay the note
mortgage
28
Owner of the property is the
mortgagor
29
bank, the lender is the
mortgagee
30
-if borrower doesn't pay; the lender files a legal action in court called
mortgage foreclosure
31
- "a contract to use property" - landlord and tenant are to use real property - landlord is the owner of the property and the tenant will use the property for a period set for in the lease
lease
32
types of tenancy (4)
1. tenancy for years 2. tenancy from year to year/ periodic tenancy 3. tenancy at will 4. tenancy at sufferance
33
definite period of time ; 2 month, etc | -
period of time
34
- period of time | - at conclusion of period automatically terminated without any notice
tenancy for years
35
- period of time - at conclusion of period automatically continues for another full period. terminated at conclusion of a term when notice given by either landlord or tenant
tenancy from year to year/periodic tenancy
36
- period of time ; indefinite | - at any time the lease may be terminated by either the landlord or tenant giving notice
tenancy at will
37
- period of time | - occurs when a lease term is completed but landlord allows tenant to remain
tenancy at sufferance
38
special lease issues (2)
1. improvement | 2. warranty of habitability
39
lease should set forth terms as to whether improvements are treated as fixtures and remain at the termination of the lease or if the improvements will be treated as temporary and removed by tenant without causing damage to the real property
improvements for special lease issue
40
- residential leases only - -promise that the residence is fit for human habitation - very low standard
warranty of habitability
41
- transfer of possession but not title - of another personal property - upon condition the identical property will be returned
elements of bailment
42
owner of property transferred, but not the title | -constructive posssession
bailor
43
party in possession of another personal property - actual possession - but not the title
bailee
44
3 bailments
1. bailment for sole benefit of bailor - bailee repairs bailors property for free 2. bailment for sole benefit of bailee - bailor loans property to bailee 3. mutual benefit bailment - family brings in video of deceased to be shown during viewing
45
extraordinary bailments
1. innkeeper/hotel keeper | - contract is called bill of lading
46
contracts to deliver goods of cosignor | -high duty of care
common carrier
47
owner of goods delievered
consignor
48
person to whom common carrier is directed to deliver the consignors goods
consignee
49
the person acquiring the insurance protection
insured
50
the company agreeing to provide the protection
insurer/underwriter
51
the party receiving the payment
beneficiary
52
the contract between the insurer and the insured
policy
53
the consideration paid by the insured to the insurer for the policy
premium
54
if loss occurs the beneficiary/policy holder must suffer; 1. financially - fire building ; own building 2. personal loss - life insurance
insurable interest
55
state statutes/insurance commission is
the governing law
56
form listing the information concerning the risk to be protect and the amount of the protection requested
application
57
purchase from insurance broker; effective when application accepted by insurer -purchase from insurance agent ; authorized to bind insurer when agent receives application
effective date for insurance
58
provisions and clauses ; | -exclusisions
for insurance contracts
59
risks not covered
exclusions
60
additions to policy that extend or limit the policy
riders
61
if the insurer pays the insured for a loss, the insurer can pursue claims the insured would have against the person causing the harm
subrogation-agreement
62
defenses against payment to the insured
1. fraud in application | 2. insured intentionally caused the loss
63
life insurance policy (3)
1. whole life policy 2. term life policy 3. universal life policy
64
- lifetime protection for the insured - premiums either paid for life or based on cash value accumulated and higher premium it can be paid up at a shorter term
whole life policy
65
insurance for a specific period after which the policy expries
term life policy
66
lifetime protection where policy may changed based on insureds decision concerning how much premium to pay
universal life policy
67
the transfer of possession, but not the title, of another persons personal property under agreement
bailment
68
a document that conveys or evidences title to tangible personal property
bill of sale
69
deed that transfers to trustee for benefit of creditor
deed of trust
70
the right to use real property where estate language is used creating a transferable title to the land used
easement
71
the broadest form of ownership in real property
fee simple estate
72
a contract granting the right to use property for a set period of time
license
73
interest in real property for duration of a persons life
life estate

PIMS - Business law (8 decks)

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