Legal Terminology

Front 1

Auction with reserve

Back 1

The auctioneer may withdraw the goods without accepting the highest bid.

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Intellectual property

Back 2

A category of property that is the result of intellectual creativity.

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Servicemark

Back 3

A trademark protection for services.

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Chattels

Back 4

Anything that is the subject of ownership other than real estate.

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Warranty of fitness for a particular purpose

Back 5

When a buyer relies on a seller's skill and judgement in selecting the goods.

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Warranty of merchantability

Back 6

Made whenever merchants sell goods.

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Conforming goods

Back 7

Goods that are delivered to the buyer that are in accordance with the obligations under the contract.

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Injunction

Back 8

An order to do or refrain from a particular act.

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Public domain

Back 9

When an invention loses its protection and is no longer protected for anyone claiming ownership.

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Trade secret

Back 10

A plan, process, or device that is used in business and is known only to employees who need to know the secret to accomplish their work.

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Agency by ratification

Back 11

When an agent acts on behalf of a principal without authority to do so, but the principal later approves of the act.

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Apparent authority

Back 12

When a principal, through some act, makes it appear that an agent has authority when none exists.

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Factor

Back 13

The bailee to whom the goods are consigned for sale is this type of agent.

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Del credere agent

Back 14

When the factor sells consigned goods on credit and guarantees to the consignor that the buyer will pay for them.

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Attorney-in-fact

Back 15

When a power of attorney is used, the agent is referred to as this.

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Determinable fee

Back 16

An estate in real property that is capable of coming to an end automatically because of the happening of some event.

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Estate pur autre vie

Back 17

When someone holds property for the duration of the life of another person.

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Fee simple absolute

Back 18

The largest estate that someone can own in land, giving the holder absolute ownership that descends of the owner's heirs on his or her death.

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Freehold estate

Back 19

An estate in which the holder owns the land for life and forever.

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Reversionary interest

Back 20

A right to the future enjoyment of property that one originally owned.

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Interval ownership

Back 21

A fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval, such as a week or two, each year.

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Join tenancy with the right of survivorship

Back 22

When two or more persons own real property as joint tenants, the estate created is a single estate with multiple ownership.

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Levy on execution

Back 23

To collect a sum of money by putting into effect the judgement of a court.

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Moiety

Back 24

A part, portion, or fraction.

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Unit deed

Back 25

The transfer of ownership of each unit is accomplished by the use of this. It is a deed to the individual unit being transferred.

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Accretion

Back 26

Any addition to the soil made by nature, such as the gradual accumulation of soil on land next to a stream caused by the action of water.

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Homestead Act

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A land grant that was signed into law by President Lincoln. It allowed anyone who was at least 21 years old and who had never taken up arms against the U.S. to get up to 160 acres of public, undeveloped land.

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Record owner

Back 28

The person who appears to be the owner of the property according to the records at the registry of deeds.

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Reliction

Back 29

A gradual recession of water, leaving land permanently uncovered.

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Mortgagee's foreclosure sale

Back 30

Occurs when the holder of a mortgage on real property is not paid and decides to sell the property to obtain the amount owed by the homeowner.

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Bargain and sale deed

Back 31

Conveys the land itself rather than merely the interest that the grantor has in the property.

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Conveyancing

Back 32

Transferring title to real property from one person to another.

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Full covenant and warranty deed

Back 33

The most desirable form of deed, because it warrants that the title is good.

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Government survey system

Back 34

A method of describing real property according to the property's relationship to intersecting lines and principal or prime meridians.

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Quitclaim deed

Back 35

Conveys only the grantor's interest, if any, in the real property and contains no warranties.

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Amortization

Back 36

To reduce or decrease over time. In lending, it shows how the loan balance is reduced until it is paid off.

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Balloon mortgage

Back 37

A mortgage with low, fixed payments during the life of the loan, ending with one large final payment.

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Reverse mortgage

Back 38

A mortgage in which a bank pays a homeowner the equity in his or her home in exchange for taking title to the home.

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Court of equity

Back 39

A court designed to do that which is just and fair, allowed the mortgagor additional time after a default to buy back the property.

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Graduated-payment mortgage

Back 40

A mortgage under which payments increase gradually over the life of the loan.

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Constructive eviction

Back 41

Occurs when the landlord does some act that deprives the tenant of the beneficial enjoyment of the premises.

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Summary process

Back 42

The legal action used by landlords to evict tenants at common law.

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Tenant at sufferance

Back 43

A tenant who wrongfully remains in possession of the premises after the tenancy has expired.

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Quiet enjoyment

Back 44

Tenants have the right to possess the property and to be undisturbed in that possession.

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Warranty of habitability

Back 45

When real property is rented for residential purposes, an implied warranty exists by the landlord that the premises are fit for human habitation.