Business Law Review Sheet For Test

Submitted By patrickkane88
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Pages: 2

Business Law Review Sheet for Test – Chapter 17

1) Rights to Property- you own surface, mineral, air, and water rights
2) Limitations on Ownership (encumbrance)
a. Easements- allows use of something (runs with the land- owner doesn’t matter)
i. Easement Appurtenant (neighboring land)- need permission ii. Easement in Gross (by Necessity)- poles, wires, hydrants iii. Easement by Prescription (becomes after set # of year)- if you walk path for years, you are allowed to walk path without being stopped
b. Restrictive Covenant (land can only be used for…)- told you can’t do something with land (color of house)
c. Zoning Issues- stops from doing things on property (height of fence), variance allows things that goes against zoning
3) Forms of Real Property Ownership (know attributes of each)
a. Fee Simple Absolute (all rights to ownership, longest)- can do whatever you want
b. Conditional Estate (“as long as”)
c. Life Estate (“for the life of…”)- have it for life, after goes back to owner
d. Non-Freehold Estate (lease / rent)- opposite of absolute, don’t own
4) Transfer of Ownership
a. Contract
b. Adverse Possession (adverse, open & notorious, continuous)- the owner doesn’t know about it, people see you doing it, can’t have breaks
c. Eminent Domain (government taking for “public use”)
i. Kilo- private to private, proven to be ok
5) Leasehold Estates
a. Periodic Tenancy (automatically renewable w/out notification)
b. Tenancy for Years (ends at specific date, must renew)