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License
Personal privilege to do some act or series of acts upon the land of another, as the placing of a sign thereon, not amounting to an easement or right of possession. TERM 2
Lien
DEFINITION 2 Claim or right, against property, existing by virtue of the entry of a judgment against its owner or by the entry of a judgment and a levy thereunder on the property, or because of the relationship of the claimant to the particular property, such as an unpaid seller. TERM 3
Tax Lien
DEFINITION 3 Lien on property by a government agaency for nonpayments of taxes. TERM 4
Judgment Lien
DEFINITION 4 Lien by creditor who has won a verdict against the landowner in court. TERM 5
Mechanic's Lien
DEFINITION 5 Protection afforded by statute to various kinds of laborers and persons supplying materials, by giving them a lien on the building and land that has been improved or added to by them.
Fixture
Personal property that has become so attached to or adatped to real estate that it has lost its character as personal property and is part of the real estate. TERM 7
Real Property
DEFINITION 7 Land and all rights in land. TERM 8
Personal Property
DEFINITION 8 Property that is movable or intangible, or rights in such things. TERM 9
Chose in Action
DEFINITION 9 Intangible personal property in the nature of claims against another, such as a claim for accounts receivable or wages. TERM 10
Gift
DEFINITION 10 Title to an owner's personal property voluntarily transferred by a party bit receiving anything in exchange.
Escheat
Transfer to the state of the title to a decedent's property when the owner of the property dies intestate and is not survived by anyone capable of taking the property as heir. TERM 17
Severalty
DEFINITION 17 Ownership of property by one person. TERM 18
Contenancy
DEFINITION 18 When two or more persons hold concurrent rights and interests in the same property. TERM 19
Tenancy in Common
DEFINITION 19 Relationship that exists when two or more persons own undivided interests in property. TERM 20
Joint Tenancy
DEFINITION 20 Estate held jointly by two or more with the right of survivorship as between them, unless modified by statute.
Tenancy by Entirety
Transfer of property to both husband and wife. TERM 22
Community Property
DEFINITION 22 Contenancy held by husband and wife in property acquired during their marriage under the law of some of the states, principally in the southwestern United States. TERM 23
Prima Facie
DEFINITION 23 Evidence that, if believed, is sufficient by itself to lead to a particular conclusion. TERM 24
Bailment
DEFINITION 24 Relationship that exists when personal property is delivered into the possession of another under an agreement, express or implied, that the identical property will be returned or will be delivered in accordance with the agreement. (Parties- bailor, bailee) TERM 25
Bailor
DEFINITION 25 Person who turns over the possession of a property.
Factor
Bailee to whom goods are consigned for sale. TERM 32
Selling on Consignment
DEFINITION 32 Entrusting a person with possession or property for the purpose of sale. TERM 33
Commission Merchant
DEFINITION 33 Bailee to whom goods are consigned for sale. TERM 34
Commission
DEFINITION 34 Consignee's compensation. TERM 35
Conversion
DEFINITION 35 Act of taking personal property by a person not entitled to it and keeping it from its true owner or prior possessor without consent.
Hotelkeeper
One regularly engaged in the business of offering living accomodations to all transient persons. TERM 37
Guest
DEFINITION 37 Transient who contracts for a room or site at a hotel. TERM 38
Agency
DEFINITION 38 Relationship that exists between a person identified as a principal and another by virtue of which the latter may make contracts with third persons on behalf of the principal. (Parties- principal, agent, third person) TERM 39
Agent
DEFINITION 39 Person or firm who is authorized by the principal or by operation of law to make contracts with third persons on behalf of the principal. TERM 40
Principal
DEFINITION 40 Person or firm who employs an agent; person who, with respect to a surety, is primarily liable to the third person or creditor; property held in trust.
Interest in the Subject Matter
Form of agency in which an agent is given an interest in the property with which that agent is dealing. TERM 47
Express Authorization
DEFINITION 47 Authorization of an agent to perform a certain act. TERM 48
Power of Attorney
DEFINITION 48 Written authorization to an agent by the principal. TERM 49
Attorney in Fact
DEFINITION 49 Agent authorized to act for another under a power of attorney. TERM 50
Customary Authority
DEFINITION 50 Authority of an agent to do any act that, according to the custom of the community, usually accompanies the transaction for which the agent is authorized to act.
Apparent Authority
Appearance of authority created by the principal's words or conduct. TERM 52
Disclosed
Principal
DEFINITION 52 Principal whose identity is made known by the agent as well as the fact that the agent is acting on the principal's behalf. TERM 53
Partially Disclosed
Principal
DEFINITION 53 Principal whose existence is made known but whose identity is not. TERM 54
Undisclosed
Principal
DEFINITION 54 Principal on whose behalf an agent acts without disclosing to the third person the fact of agency or the identity of the principal. TERM 55
Vicarious Liability
DEFINITION 55 Imposing liability for the fault of another.
