LEGL 2700 Test 2 Hackleman UGA

property

right to exclude others from resources that are acquired legally

Property and Prosperity

Promotes incentives, establishes capital formation, easily divisible

capital formation

quality of resources that produces new or different resources

divisions of property

real and personal

Real Property

ownership of land and mineral rights

Personal Property

movable resources, tangible and intangible

air rights

The right to use the open space above a property

Subsurface Rights

the rights to the natural resources below the earth's surface

fixtures on land

Object of personal property that is so essential/annexed to the land that it becomes part of the land (cleared up in contracts)

Coastal Oil & Gas v Garza Energy

coastal leases share 13 and out a fracking well and pay a royalty fee, moved to a lot next to share 13 and began tapping the same natural gas, stops paying royalty fee and gets the same gas. since there was no injury to land, no problem

Fee Simple Absolute

no limitations or conditions attached to sell of land

Fee Simple Defeasible

may have a condition attached to its transfer (land only can be used for a certain purpose)

life estate

Ownership of land for the duration of a person's life

Leasehold Estate

An estate that gives the holder (Tenant) a temporary right to possession, without title.

Concurrent Ownership

Ownership by two or more persons at the same time

Joint Tenancy

equal ownership shares. with right of survivorship, after one owner dies, the other becomes sole owner of the resource

Tenancy in Common

tenants can own different shares of the resource

Easement

a right to cross or otherwise use someone else's land for a specified purpose.

Easement by Reservation

negotiating and buying ability to cross land

Natural Easement

easement by necessity to get from their land to the nearest public road

Negative Easement

an adjoining landowner cannot do anything that would cause your land to cave in or collapse

Easement by Prescription

when one person has used the land, continuously and wrongfully, for a period of years, the titleholder of the land can no longer prevent a person from using the land by crossing it

Utility Easement

a land definition that grants certain utility companies or other entities the right to use land for a specific purpose

Bailments

goods placed into another's possession to be returned in the future (much like a lease)

Rule of First Possession

the first person to reduce previously unowned things to possession becomes their owner

Adverse Possession

when the land of another private person is adversely and exclusively possessed in an open and notorious way

Duke Energy Carolinas v Gray

removal of the encroachment is a recovery of real property lying outside the scope of section 1-50(a)(3); and (2) therefore, this action fell within the twenty-year statute of limitations

Possession through Confusion

when identical goods are mixed together by honest mistake, separate by returning proportional share

Possession by Accession

something that is added (accidentally picking up someone's engine and building a car around it)

Possession by Gift

donor gives to donee both with intention and delivery

Title

Ownership represented by a physical document registered with the state for certain resources

Deed

A document that transfers ownership of property from one party to another.

Warranty Deed

promises the grantee (buyer) that the grantor (seller) has good ownership and full power to convey it

Special Warranty Deed

specifies that certain legal claims against the land, like mortgages, exist but guarantees that no other claims exist

Quitclaim Deed

no guarantees other than that the grantor surrenders all claim against the land

mortgages and secured transactions

principal types of security interests

Recording Statutes

Statutes that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.

Foreclosure

Creditor must go through the court

system to ensure that procedures are properly followed

Deficiency

Balance owed by the debtor to the creditor‐mortgagee

Right of Redemption

Allows mortgagor to get back

land upon payment of the full amount of the debt

Secured Transactions

Involves a creditor who has made a loan to a debtor who agrees to give the creditor a security interest in a collateral (Article 9 of the UCC)

Attachments

Occurs when:

- Secured party holds given value

- Debtor owns the collateral

- Security agreement is provided

Perfection

arises when a security interest has attached and the creditor has taken all proper steps required by Article 9

Financing Statement

Filed to perfect a security interest under Article 9

Artisan's Lein

when someone who contributes parts and/or services to an object of personal property is not paid (car owner gets car repaired, can't pay for repairs, repair shop can legally refuse to release vehicle)

Mechanic's Lien

when someone contributes materials and/or services to real estate, usually a building, is not paid

Public Nuisance

Arises from use of land that causes inconvenience or damage to the public

Private Nuisance

Unreasonable use of one's property to cause substantial interference with the use of another's land

Zoning Ordinances

Laws that divide counties into use districts designated residential, commercial, or industrial

Cook v. Sullivan

since the sullivans were trying to remedy the problems associated with their new house, but to no avail, they must remove their house

Contract

Promise that is enforceable with predictable promises for performance failures

sale of goods

legislation from UCC Article II has to involve the ___________________

Bilateral Contract

agreement containing mutual promises

Unilateral Contract

agreement with only one promise, and only one party is committed to perform

Express Contracts

exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made

Implied-in-fact Contract

a contract in which agreement between parties has been inferred from their conduct (asking an accountant for tax advice)

Implied-in-law Contract

when one party is unjustly enriched at the expense of another, the law may imply a duty on the first party to pay the second even though there is no contract between the two parties

Enforceable

court upholds the validity of such promises

Unenforceable

if a nonperforming party has a justifiable reason for noncompliance with a promise

Valid

when all essential requirements are present

Void

appears to be an agreement, but lacks an essential requirement

Voidable

an agreement when at least one party has the right to withdraw a promise made without incurring any legal liability

Executed Contract

A contract that has been completely performed by both parties.

Executory Contract

A contract that has not yet been fully performed.

Offer

a specific promise and a specific demand

Revocation

when the offeror retracts the offer before the acceptance

Rejection

when the offeree rejects the offer

Counteroffer

An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.

Lapse of Time

offer remains open for the time period specified or, if no time is stated, for a reasonable period of time

Termination by Operation of Law

subject matter destruction, offeror death or insanity, subject matter illegality

Mirror Image Rule

A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed

Mailbox Rule

acceptance of an offer binds when the offeree dispatches it

Gottlieb v Alps

Alps never informed Gottlieb about its potential consequences. Alps failed to carry the burden of proof on hardship

Consideration

the receipt of a legal benefit or suffering of a legal detriment

Vass v Nissan

deals with consideration. both parties have to be bound in order to make a contract. careful not to be too clear with your contracts

Preexisting Obligation

a party to an agreement does not give consideration by promising to do something that he or she is already obligated to do

Past Consideration

performance made before the parties discussed their agreements do not count

Promise to Make a Gift

Not binding as a contract because there is no bargained-for consideration supports the promise

Option Contract

promise to hold an offer open for a specified period of time in return of consideration

Promissory Estoppel

often used to prevent a party who has made a unilateral offer from withdrawing the offer after the requested work has begun

Capacity

a person's ability to be bound by a contract

minors, intoxicated, mentally incapacitated

lack capacity to be bound by a contract

Fraud

intentional misrepresentation of fact that induces another to enter into a contract to which they would not otherwise agree

Elements of Fraud

misrepresentation of fact, intent to deceive, justified reliance on the misstatement by the innocent party, injury resulting from the reliance

Mutual Mistake

if it is clear this has occurred, rescission by either party is appropriate

Rescission

A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made

Unilateral Mistake

if only one party is mistaken about some aspect of the contract, no remedy is generally available

Duress

force or threat of force

Undue Influence

one is taken advantage of unfairly through a contract by a party who misuses a position of relationship or legal confidence

Statute of Frauds

Legal requirement that certain contracts be in writing

Must be in Writing

sale of an interest of land, collateral promise to pay another's debt, cannot be performed in one year, sale of goods of $500 or more

Exceptions to the Writing Requirement

part performance, rules involving goods, judicial admissions

Parol Evidence Rule

influences the form of contracts. states that parties to a complete and final written contract cannot introduce oral evidence in court that changes the intended meaning of the written

Duty of Performance

Performance required by the other party as promised in the contract

Discharged

Occurs when the party is relieved from all further responsibility of performance

Condition Precedent

If something must take place in the future, before a party has a duty to perform

Condition Subsequent

Excuses contractual performance if some future event takes place

Express Condition

Explicitly mentioned in the contract governing performance

Implied Condition

Not explicitly mentioned but can be read into the parties' obligations to perform

Concurrent Condition

Parties have a simultaneous duty of performance