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Bus120
Chapter 15: Property Law
13
Law
Undergraduate 3
11/28/2007

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Term
Agreement for sale
Definition

In real property, an interest in land where the seller of property retains legal title to the property until the purchaser has made final payment; in the meantime, the purchaser has use and possession of the property.

 

After renting the premises for six years, the landlord invited the tenant to sign an _____ __ _____: the remaining ten years of” rental” payments would pay for the purchase of the property and the landlord would quitclaim his interest in the property.

Term
Bailment (Lending)
Definition

The name that the law gives to the legal relationship that arises when a party who owns some chattel (“the bailor”) has temporarily delivered possession of it to another party (“the bailee”), usually either gratuitously or under the terms of some contract they have with each other.

 

A _____ relationship was created between the rental-equipment business (the bailor) and the customer (bailee) when he rented the backhoe for two days for $200.

Term
Chattels (goods)
Definition

A specific category of personal property which consists of all moveable property that is of a tangible nature, but excluding documents and other choses in action.

 

The _____ belonging to the debtor consisted of a TV, his jeep, some jewellery, and his wardrobe of clothes.

Term
Chose in action 
Definition

A specific category of non-tangible personal property that consists of something with which the owner can make some legal claim rather than depend upon possession alone.  These include such things as assignments, negotiable instruments, share certificates, and various forms of intellectual property.

 

Unlike a computer, the ownership of which is primarily based on possession, an assignment is a _____ __ _____: the possessory right of the assignee is not observable until she seeks to enforce that right against the debtor.

Term
Easement
Definition

An interest in real property in which one owner of land (the “servient tenement”) expressly grants the owner of adjoining land (the “dominant tenement”) the right to cross over or make use of the former’s property.   Easements that are not express are not recognized in B.C.

 

An _____ allowed the plaintiffs to cross their neighbours’ property so that they could obtain access to the beach without having to walk 800 meters around the block.

Term
Fee simple estate
Definition

The most common kind of freehold estate in land that can be enjoyed.  It gives the holder of that estate exclusive use and possession of the land for an indefinite period of time, and it can be transferred to others by being sold, given away, or  bequeathed, subject to the Crown’s right to regulate its use, to tax it, or to expropriate it when necessary.

 

Although the plaintiffs argued that they were the “owners” of their new house; technically her Majesty the Queen in the right of B.C. was the owner, and what they had was a _____ _____ _____ in the property.

Term
Fixtures
Definition

Property that originally started out as being personal property but is deemed to have become incorporated into real property and forming part of that real property.  The tests for determining whether chattels become _____ or not revolve around the degree to which they have become affixed to the real estate, and/or the purpose for which they are being used.

 

The chandelier in the dining room was found  to be a _____ because it was clearly embedded in the ceiling and could only be removed by pulling away the plaster; also, a chandelier can only be used or enjoyed if it is in a room of some kind.

Term
Foreclosure
Definition

The legal process by which a first mortgagee proceeds to wipe out the mortgagor’s remaining interest in real estate, as well as the interests of any other parties whose interests rank below it.  It is commenced by a Petition in Supreme Court of B.C. and, unless averted before the redemption period has expired, will result in legal title being retained by the _____ing mortgagee without possibility of reverting to the mortgagors.

 

When the respondents defaulted on their mortgage, the Bank of Nova Scotia commenced proceedings in _____; after the order nisi was made, the respondents had just six months to either redeem the property or to be dispossessed of any further interest in it.

Term
Joint tenancy
Definition

A form of joint ownership of property in fee simple in which two or more parties have an equal, undivided interest in the property.  If any one of the joint tenants dies, that party’s interest will accrue to the surviving _____ _____s, it will not go to his estate.  Most married couples own their property in this way.

 

Because it was a _____ _____, the three sisters each had an equal one-third interest in the property; however, as one of the sisters had died, the two remaining sisters were each left with a half interest in the property.

Term
Personal property
Definition

All property that does not consist of land or an interest in land.  There are two broad categories of _____ _____: 1) chattels or goods, 2) choses in action.

 

The plaintiff’s _____ _____ consisted of the vehicles and a patent for a new kind of can opener; the former were chattels and the latter was a chose in action.

Term
Quiet enjoyment
Definition

In a tenancy agreement between landlord and tenant, a typical covenant implied at common law that the landlord will not disturb the tenant’s exclusive use and possession of the premises or allow impediments that would make the lease inconsistent with the tenant’s reasonable expectations. 

 

The landlord interfered with the tenant’s _____ _____ of the property when it cut off the tenant’s gas and electricity.

Term
Real property – (real estate) 
Definition

In property law, that property that is not person property.  It consists of land and/or buildings, fixtures, and interests in land, including leases, mortgages, easements, restrictive covenants, etc.

 

Besides its ownership of shares and bonds, assignments, stock and inventory, the business also owned _____ _____; primarily a building on property in an industrial park.

Term
Tenancy-in-common
Definition

A form of joint ownership of property in fee simple in which two or more parties may have equal or unequal interests in the property.  If any one of the tenants-in-common dies, that party’s interest will go to his estate or next of kin, it will not accrue to the surviving tenants-in-common.  Most people jointly owning property as business associates, partners, etc., own the property in this way.

 

As one sister had a one-half interest in the property and the other two had each a quarter interest, they owned their property as _____-__-_____; when the sister with the 50 percent interest died, her share of the property went to her two children as stipulated in her will.

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