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24 Cards in this Set
- Front
- Back
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Property |
We have the right to own property The government has the right to tax The government has the right to regulate the property The government has the right to take your property under eminent domain |
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What are the two types of property? |
Real- land, buildings, and fixtures (added to property, not to be removed) Personal- tangible (golf club, clothing, cars, boats, furniture) intangible (stock, patent, copyright)
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When might the government use eminent domain? |
To build highways, schools, waste treatment, water treatment, airport, public utilities |
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What are the methods of becoming an owner of property? |
Purchase- paying for an item Gift Accession- take property by mistake, spend money to enhance value, become owner by paying what it was worth before repairs done Production- build something with raw materials Lost property- finder has better claim than thief, owner better than finder Possession- take possession of something nobody owns |
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What is possession? |
Taking possession of something nobody owns (fish from deep sea fishing) |
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What is accession? |
Take property by mistake, spend money to enhance value, become owner by paying what is was worth before repairs done (take car by accident at gas station)
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Bailment |
Delivery of personal property from the bailor to the bailee, can not have a bailment of real property |
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What are the three elements of a bailment? |
The bailor has title to property Possession and temporary control goes to the bailee Bailee owes a duty to return the property as transferred |
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Who is the bailee? |
Owner of the deck |
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What is a common carrier? |
Airline, bus company, railroads (any company which ships goods) |
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What are the ways that a common carrier can avoid liability? |
Loss due to act of God Fault of the shipper (no bubble wrap) Nature of goods (food)
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Ways a hotel keeper can avoid responsibility |
Loss is caused by an act of God Loss is the fault of a member of guest party Loss is due to the nature of the goods |
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Two ways people will die |
Testate- die with a valid will Intestate- die without a valid will |
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What are forms of misconduct for a wife? |
Abandonment Bigament Uncondoned adultery Divorce Murder
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What is the way that a wife cannot take anything with or without a will |
Murder |
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Will |
A legally enforceable declaration as to matters to be attended to after your death, which is inoperative until death |
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What must be required in order to sign a will? |
Must be 18 Of "sound mind"
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What must be recognized for a person to be in "sound mind?" |
Know they are signing a will Know the natural objects of your bounty (recognize immediate family) Know property you own Know how you will dispose of property |
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What are the reasons you should have a will? |
Control who will take your property How much they will take and how they will take it Name you executor Name guardian of children Charity Minimize taxes |
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What are the estates in land |
Fee simple Life estate Estate for years Pur autre vie |
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What is fee simple? |
You are the ultimate owner of land, most absolute form of ownership, nobody else can claim land (issue deed for money) |
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What is life estate? |
Measured solely with reference to life of the individual |
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What is estate for years? |
"To W for life but in no event over 20 years" |
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Pur autre vie |
Reversionary- if W dies property reverts back to Erin Remainder- if W dies property reverts to anyone else |
