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19 terms

Business Law Chapter 36

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personal property
property that is movable; any property that is not real property
fee simple
a form of property ownership entitling the property owner to use, possess, or dispose of the property as he or she chooses during his or her lifetime
tenancy in common
co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death
joint tenancy
the ownership interest of 2 or more co-owners of property whereby each owns an undivided portion of the property
community property
a form of concurrent ownership of property in which each spouse owns an undivided one-half interest in most property acquired by the husband or wife during the course of marriage
gift
any voluntary transfer of property made without consideration, past or present
dominion
the rights to own, use, and possess property
constructive delivery
an act equivalent to the physical delivery of property that cannot be physically delivered because of difficulty or impossibility
gift inter vivos
a gift made during one's lifetime and not in contemplation of imminent death, in contrast to a give cause mortis
gift causa mortis
a gift made in contemplation of death...if the donor does not die of that ailment, the gift is revoked
accession
increasing the value of property by adding something
confusion
the mixing together of goods belonging to two or more owners so that the independent goods cannot be identified
mislaid property
property with which the owner has voluntarily partied and then cannot find or recover
lost property
property with which the owner has involuntarily parted and then cannot find or recover
abandoned property
property with which the owner has voluntarily parted, with no intention of recovering
treasure trove
money or coin, gold, silver, or bullion found hidden in the earth or other private place, the owner of which is unkown, literally found treasure
bailment
an agreement in which the personal property of one person (a bailor) is entrusted to another (a bailee), who is obligated to return the bailed property to the bailor or dispose of it as directed
bailor
one who entrusts goods to a bailee
bailee
one to whom goods are entrusted by a bailor