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Legal Studies Test 2 Study Guide

Legal Studies Test 2 Study Guide - Property the legal right...

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Property – the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud Real – land and land fixtures Personal – moveable resources Methods of Acquiring Property 1. Exchange 2. Possession a. Rule of First Possession b. Abandonment c. Lost Property d. Adverse Possession – obtaining land belonging to another through continuous possession i. Open and notorious – the general community must be aware of your presence ii. Actual and exclusive – you and you only must be actually living there iii. Continuous – must live on land without moving for any amount of time iv. Wrongful – the owner cannot have consented to letting you live there v. Last for the prescribed period of time e. Confusion – if two owners’ similar goods are mixed, the mix will be divided equitably f. Accession – if someone unknowingly uses a man’s trees to build a house, the wood comes into possession by the builder because he added value to the wood g. Gift i. Donor – giver ii. Donee – receiver iii. Testamentary gift – given through a will Types of Ownership 1. Fee Simple – highest form of ownership recognized by law a. Fee Simple Absolute – owner can do anything he wishes with his property
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b. Fee Simple Defeasible – owner is given guidelines as to the use of his property 2. Life Estate – owner owns land for a given person’s lifetime 3. Leasehold Estate – basic lease ownership, temporarily given use of property under restrictions 4. Concurrent Ownership – Husband/wife owners Title – document serving as evidence of ownership of property Deed – a document of title transferring ownership of land Warranty Deed – seller guarantees he owns the clear title and has the right to sell Quitclaim Deed – sketchy deed that doesn’t guarantee clear ownership Easement – the right to cross over someone else’s land Bailment – the temporary transfer of the possession of personal property from one person to another Bailor – owner of property Bailee – person with whom the property is left Security Interest – any loan or credit in which property is pledged as security in the event payment is not made Attachment – the point where the lender can take ownership of securities Perfection – the process by which securities are claimed Priority – the priority of ownership claims by lenders on securities Uniform Commercial Code (UCC) – covers the sale of goods Limitations on Property Nuisance – a use of property that interferes with the legal rights of others by causing damage, annoyance, or inconvenience
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Legal Studies Test 2 Study Guide - Property the legal right...

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