Real Property and Personal Property: A Comprehensive Guide, Quizzes of Business and Labour Law

Download Real Property and Personal Property: A Comprehensive Guide and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Differences between real property and personal property DEFINITION 1 Real Property is a matter of public matter;township is units of measure that make it easiergovernment is more involvedReal Property: Land and all structures permanently attached to land.Personal Property: all property other than land and attachments Tangible: Transferable by delivery(Cars, Furnatiure, txtbooks) Intangible: Transferable by assignment (AR,Insurance,Copyrights, patients, trademarks) TERM 2 Estates in Real Property DEFINITION 2 transfer of real property: Voluntary: by deed or land contract at death through probate Involuntary: Adverse possession (open, notorious, continuous, statutory time) eminent domain - condemnation Proceedings TERM 3 Fee Simple DEFINITION 3 Freehold estate whose duration is potentially infinite. to A and his heirs TERM 4 Conditional Estates DEFINITION 4 An estate lasting forever as long as one or more conditions do not occur. if condition is breached, the property reverts to the grantor. TERM 5 Life Estates DEFINITION 5 Freehold estate whose duration is measured by the lives of one or more specified persons. to A for A's lifeto A for B's life ( pur autre vie) TERM 6 Leasehold Estate DEFINITION 6 Estate in property of a limited duration. holds rights of real property for limited time TERM 7 Easement DEFINITION 7 the right to use the real property of another without prepossessing the propertyfishing on lakewalking on sidewalk or using private road TERM 8 Possession DEFINITION 8 the ability to use property and exclude others from the use of property TERM 9 Title DEFINITION 9 Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. TERM 10 Deed DEFINITION 10 The document that transfers ownership of real estate. contains names of old and new owners and a legal description of property. cant transfer real property without something in writing, usually a deed. TERM 21 Patent DEFINITION 21 Grants inventor exclusive rights to make, use,sell, and import and invention for a limited period of time, in exchange for the public disclosure of the invention.exclusive rights for 17 years.Device must be new principle or idea TERM 22 Trademark DEFINITION 22 Recognizable sign, design, or expression which identifies products or services of a particular source.SHow ownership and origin of mark. helps guarentee quality of goods with markcreates and maintains demand for productmarketing toolgreat $ value to company TERM 23 Trade Secret DEFINITION 23 A formula, practice, processs, design, instrument, pattern, or compliation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers. TERM 24 Copyright DEFINITION 24 Gives the creator of an original work exclusive rights to work (including works in creative, intellectual, or artistic forms) for a limited time.Does not cover ideas and information themselves, only the form or manner in which they are expressed protects expression of idea, not idea itsself file app, pay fee, deposit copies of work at copyright office. easier to fight someone stealing ideas in court. TERM 25 Clean Air Act DEFINITION 25 Control air pollution by instituting point source controls and establishing maximum pollutant levels for ambient airPrimary focuses are stationary sources of air pollution.EPA established national ambient air quality standards (NAAQS) for criteria pollutants.States are required to determine how to attain and maintain NAAQS by developing a State Implementation Plan(SIP)States must implement a program to prevent the significat deterioration of air quality in those areas that exceed NAAQS TERM 26 Clean Water Act DEFINITION 26 The Clean Water Act is the primary federal law in the United States governing water pollution. Its objective is to restore and maintain the chemical, physical, and biological integrity of the nation's waters by preventing point and nonpoint pollution sources, providing assistance to publicly owned treatment works for the improvement of wastewater treatment, and maintaining the integrity of wetlands. TERM 27 Bankruptcy DEFINITION 27 Court Preceeding.Remains on credit report for 10 years.Each debt that was discharged under the bankruptcy petition(such as credit accounts) may remain on report for 7 years.Personal : a legal process to get out of debt when you can no longer make all your required payments.Removes responsibility for paying debts not secured by collateral