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44 Cards in this Set
- Front
- Back
real property
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land, buildings attached to land and fixtures attached to land or buildings
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chattels
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tangible, moveable personal property that can be measured and weighed; also known as goods
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copyright
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gives owner monopoly over use of created work, prohibiting copying or reproduction without permission
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patent
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gives inventory right to produce, sell or profit from specific invention
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trademarks
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a term, symbol, design or combination of these that identifies a product or server and distinguishes it from that of a competitor
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industrial designs
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registration of a unique shape, pattern or ornament under the industrial design act
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trade secret
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confidential information that gives a businessperson a competitive advantage
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estate in land
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right to uninterrupted possession of land for a time. the amount of time is determined by the nature of the estate
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fee simple
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the right to use land for an infinite period subject only to local regulations on use - highest form of ownership
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life estate
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an interest in land ending at death
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reversionary interest
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right of original owner to retake possession of property upon death of life tenant
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remainder-man
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third party with the right to the remainder of the fee simple after the death of a life tenant
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homestead rights
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rights giving a spouse a claim to a substantial portion of family property
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easement
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right to use a portion of another's land for a particular purpose as in a "right of way"
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right of way
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right to cross another's land. the exclusive right to the route across the land
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dominant tenement
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property that has the advantage of an easement
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statutory easement
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easements giving utilities or other bodies rights to run power or sewer lines across private property
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building scheme
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set of restrictions placed on all the properties in a large development
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tenancy in common
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people shared an undivided interest in property with each owning a portion. if one of the two parties dies his or her interest goes to his estate
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joint tenancy
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people each own the entire property. if one of the two parties dies his/her interest goes to the survivor
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severance
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owners removal of chattel he or she has affixed; separation or division of joint ownership
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agreement for sale
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includes right to retake possession if person buying land fails to pay installments
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deed of conveyance
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document transferring an interest in property
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land titles system
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-central registry prepares certificate of title which determines interest
-binding evidence of transaction -government guarantees title |
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certificate of title
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conclusive evidence as to the ownership of a property
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cooperative
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company composed of members holding shares in it; method of acquiring residential accommodation
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mortgage
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lender of money to finance the purchase holds title to property until it is paid for and can take possession in the event of default
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equity of redemption
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mortgagor retains right to redeem after defaulting on mortgage payments
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foreclosure
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mortgagee takes title to and possession of property after a fixed time for redemption has elapsed
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periodic tenancy
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automatically renewing tenancy with no specific termination date
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leasehold estates
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land leased to a tenant for a definite period of time
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tenancy at sufferance
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situation in which tenant fails to leave after lease has expired and owes compensation to the landlord
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abatement
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a court order to reduce the rent to be paid to compensate for breach of lease by landlord
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distress
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seizure by landlord of any property left by tenant and holding of it until the rent is paid or sale of it to pay rent owing
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fungibles
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goods being of such a nature that one part or quantity may be replaced by another equal part or quantity of similar quantity
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moral rights
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authors right to prohibit others including any new owner of a creative work, from distorting or degrading it
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fair dealing
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use of copyright material for research or private study, criticism or review, or news reporting
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balance of convenience
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determination of who will suffer the greatest injury if the damage were allowed to continue
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anton piller order
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court order to seize material from manufacturer or distributor
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interlocutory injunction
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stops infringement before trial
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delivery up
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defendant must deliver all copies of infringing items in its possession or control to copyright owner
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statutory damages
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enables court to award damages considered just, limited between $500 - $20,000 when difficult to determine exact losses
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enhanced injunction
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court order to refrain wrongdoer from future infringements of copyright in other works owned by plaintiff
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summary procedures
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court makes decision based on affidavit evident, more expedient and less expensive
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