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45 Cards in this Set
- Front
- Back
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Ch. 21 Fungible Goods |
types of goods that are usually sold by weight or measure and are stored in bulk quantities. IE Grain and Oil |
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Ch. 21 Conforming Goods |
Goods delivered to the buyer that are in accordance with polices and procedures. |
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Ch. 21 Chose in Action |
evidence of the right to a property, but not the property itself |
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Ch. 21 Ecommerce |
buying and selling of goods and services or the transfer of the money over the internet |
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Ch. 21 Mutuum |
occurs when someone borrows something and return a similar amount of the that good IE: cup of sugar |
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Ch. 22 Patent |
grant by U.S. government of the exclusive right to make, use and sell an invention for 20 years. |
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Ch. 22 Copy right |
exclusive right given to an author, composer, artist, or photographer , 70 years |
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Ch. 22 Trademark |
any word, name, symbol, or device used by a business to identify goods and distinguish them, 10 years |
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Ch. 22 Enjoin |
requires a person to perform or to abstain from an act |
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Ch. 22 Servicemark |
trademark protection for services |
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Ch. 23 Undisclosed Principal |
third party deals with an agent and is not aware of the agency relationship |
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Ch. 23 special agent |
one who is authorized to carry out a single transaction or to perform a special act |
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Ch. 23 Del Credere Agent |
factor sells consigned goods on credit and guarantees to the consignor that the buyer will pay for them
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Ch. 23 Agency by estoppel |
principal, through some act, makes it appear that an agent has authority when none exists
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Ch. 23 Misfeasance |
Improper doing of an act |
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Ch. 31 Real Property |
the ground and anything permanently attached to it. |
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Ch. 31 Freehold Estate |
holder owns the land for life or forever |
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Ch. 31 Leasehold Estate |
less than a freehold, provides a temporary right to property |
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Ch. 31 Fixture |
Personal property that is permanently attached to real property becomes part of the real property
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Ch. 31 Fee tail estate |
restricts ownership of real property to a particular family bloodline
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Ch. 32 Severally |
When real property is owned separately by one person
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Ch. 32 Unity of posession |
Each owner is entitled to possession of the entire premises
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Ch. 32 Community Property |
property acquired by a husband or wife during marriage that belongs to both spouses equally
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Ch. 32 Master Deed |
Describing the entire property that is owned by the condominium association
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Ch. 32 Interval Ownership |
a fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval
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Ch. 33 Seal |
a mark or impression (originally made with wax) placed next to the party’s signature
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Ch. 33 Attachment |
the effect of bringing the property under the jurisdiction of the court as security for the debt
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Ch. 33 Sheriff's sale |
sheriff may levy and sell on execution the real property that was attached upon agreement not being reached
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Ch. 33 Adverse Posession |
obtaining title to real property
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Ch. 33 Accretion |
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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Ch. 34 Covenants |
Promises |
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Ch. 34 Heirlooms |
valued possessions with sentimental value passed down through generations within a family
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Ch. 34 Deed |
defined as a formal, written instrument by which title to real property is transferred from one person to another
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Ch. 34 Monuments |
visible marks indicating boundaries
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Ch. 34 Township |
intersections of the lines create 24-mile squares, which are further divided into 6-mile squares
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Ch. 35 Promissory Note |
a written promise by the borrower to pay a sum of money to the lender
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Ch. 35 Redeem |
Buy back property |
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Ch. 35 Lien |
a claim or charge on the property for the payment of a debt
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Ch. 35 Acceleration Clause |
mortgage or note causes the entire balance of the loan to become due when a default occurs.
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Ch. 35 Deficiency Judgment |
a judgment for the amount remaining due on the mortgage after a foreclosure sale.
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Ch. 36 Tenancy for years |
an estate for a definite or fixed period, no matter how long or how short
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Ch. 36 Quiet Enjoyment |
Tenants have the right to possess the property and to be undisturbed in that possession.
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Ch. 36 Ejectment |
legal action used by landlords to evict tenants
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Ch. 36 Retaliatory Eviction |
eviction of a tenant for reporting to the authorities sanitary-code or building-code violations in the rented property
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Ch. 36 Constructive Eviction |
The landlord does some act that deprives the tenant of the beneficial enjoyment of the premises
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