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Final - Abraham Dweck Prof Joe Zavaglia Definitions BUSI221...

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Abraham Dweck 12/14/08 Prof. Joe Zavaglia BUSI221 Definitions Life Estate – An interest in land that exists only for the duration of the life of some person, usually the holder of the estate Bailment – an agreement in which the owner of personal property temporarily delivers it to another person for a particular purpose under an agreement that, the person will return it in the same or better condition or dispose of it as directed. E.g. Lease a car from a dealer. Must relinquish exclusive control of the personal property Knowingly possession by the bailee Agency Relationship – in an agency relationship between two parties one of the parties called an agent agrees to represent or act for the other, the principal. In section 1 (1) of the Restatement of Agency, it defines it as “the fiduciary relation which results from the manifestation of consent by one person to another that the other shall act in his/her behalf and subject to his/her control, and consent by the other to so to act”. Fee Simple Defeasible
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Final - Abraham Dweck Prof Joe Zavaglia Definitions BUSI221...

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