Legal Class Study Guide
Chapter 7 – terminology,
• Property – is the legal right to exclude others from resources that are originally possessed or are acwuired without force, theft, or fraud.
• Mortgage – put up their houses to secure the loans
• Real property law applies to ownership to land and interests in land such as mining rights or leases.
• Personal property
• Contract- rules control the way owners make agreements to exchange resources in the property-based legal system.
• Rule of first possession – is that the st person to reduce previously unowned things to possession becomes their owner
• Adverse possession – gives you the ownership of land (and it only applies to land) under state statute when the possession is: open and notorious. The possessor must occupy the land in such a way as to put the true owner of the land on notice. o Actual and exclusive – the possessor must occupy the land. However, the building of a fence around the land ot construction of a building on it constitutes physical occupation. o Continuous. Possession must not be interrupted o Wrongful – the possessor must not have the owners permission to be on the land. For example under a lease. o For a prescribed period of time- most states specify an adverse possession of between 10 and 20 years before the possessor becomes the new owner.
• Confusion – goods that aren’t identical are mixed together
• Accession – something added
• Titel – ownership is frequently referred to by the term title.
• Deed- the document of title that transfers ownership.
• Right of redemption – allows mortgager before forclsuer to get back land upon payment of the full amount of debt.
• different ways to own property- Two basic examples of the divisibility of resources through property concepts is the division of real property (land and related interests, such as fixtures) and personal property (all other resources (movable)). Personal property can be either tangible or intangible. Fee simple – maximum estate allowed
• Property – is the legal right to exclude others from resources that are originally possessed or are acwuired without force, theft, or fraud.
• Mortgage – put up their houses to secure the loans
• Real property law applies to ownership to land and interests in land such as mining rights or leases.
• Personal property
• Contract- rules control the way owners make agreements to exchange resources in the property-based legal system.
• Rule of first possession – is that the st person to reduce previously unowned things to possession becomes their owner
• Adverse possession – gives you the ownership of land (and it only applies to land) under state statute when the possession is: open and notorious. The possessor must occupy the land in such a way as to put the true owner of the land on notice. o Actual and exclusive – the possessor must occupy the land. However, the building of a fence around the land ot construction of a building on it constitutes physical occupation. o Continuous. Possession must not be interrupted o Wrongful – the possessor must not have the owners permission to be on the land. For example under a lease. o For a prescribed period of time- most states specify an adverse possession of between 10 and 20 years before the possessor becomes the new owner.
• Confusion – goods that aren’t identical are mixed together
• Accession – something added
• Titel – ownership is frequently referred to by the term title.
• Deed- the document of title that transfers ownership.
• Right of redemption – allows mortgager before forclsuer to get back land upon payment of the full amount of debt.
• different ways to own property- Two basic examples of the divisibility of resources through property concepts is the division of real property (land and related interests, such as fixtures) and personal property (all other resources (movable)). Personal property can be either tangible or intangible. Fee simple – maximum estate allowed