Legal Terminology

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Bailee

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One to whom personal property is given under a bailment contact.

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Bailment

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The relationship that exists when possession (but not ownership) of person property is transferred to another for a specific purpose.

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Bidder

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Offeror.

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Cover

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The right of a buyer, after breach by a seller, to purchase similar goods from someone else.

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Donee

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A person who receives a gift.

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Injunction

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An order of a court of equity to do or refrain from doing a particular act.

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Trademark

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Any word, name, symbol, or device used by a business to identify goods and distinguish them from those manufacture or sold by others.

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Patent

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A grant by the U.S Government of the exclusive right to make, use, and sell an invention for 20 years.

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Copyright

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The exclusive right given to an author, composer, artist, or photographer to publish and sell exclusively a work for the life of the author plus 70 years.

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Enjoin

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To require a person to perform, or to abstain from performing, some act.

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Agent

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A person authorized to act on behalf of another to the other's control. Also called surrogate.

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Master

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An employer. A lawyer appointed by the court to hear testimony in a case and report back to the court as to his or her findings or conclusions.

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Impute

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To charge; to lay the responsibility or blame.

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Servant

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One who performs services under the direction and control of another; an employee.

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Nonfeasance

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The failure to do an act that ought to be done.

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Fee

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The largest estate that one can own in land, giving the holder the absolute ownership and power of disposition during life, and descending to the owner's heirs at death. Also called fee and fee simply estate.

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Estate

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Ownership interest.

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fixture

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Personal property that is physically attached to real property and becomes part of the real property.

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Revert

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To go back.

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Life Tenant

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The owner of a life estate.

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Common Areas

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The part of a condominium or apartment building that is owed, as tenants in common, by all the unit owners.

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Creditors

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People to whom money is owed.

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Moiety

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A part, portion, or fraction.

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Units

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The individual portions of a condominium that are owned separately in fee simple by individual owners.

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Time Sharing

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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. Also called interval ownership.

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Deed

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A formal, written instrument by which title to real property is transferred from one person to another. Also called conveyance.

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Erosion

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The gradual eating away of the soil by the operation of currents or tides.

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Mortgagor

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One who borrows money and gives a mortgage--that is, pledges property to the lender as security for the loan.

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Seal

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A mark, impression, the word "seal," or the letters L.S placed on a written contract next to a party's signature.

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Tacking

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The addition of a previous occupants' possessions to one's own possession in order to meet the statutory period for adverse possession.

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Bounds

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Directions of the boundaries that enclose parcel of land.

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Grantee

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A person to whom real property is transferred.

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Heirlooms

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Valued possessions with sentimental value passed down through generations within a family

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Metes

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Distances between points.

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Plot

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A map designating the size and shape of specific land area. Also called plat and plat map.

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Collateral

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Something lenders can sell to get their money back in case of default; security interest for a loan.

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Default

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A failure to perform a legal duty.

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Lien

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A claim or charge on property for the payment of a debt.

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Foreclose

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To shut out, bar, or terminate.

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Refinance

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To extinguish a debt obligation and replace it with a new debt that has different terms, such as a different interest rate or amortization schedule.

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Demise

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To lease.

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Eviction

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To lease .

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Landlord

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A person who owns real property and who rents it to another under a lease. Also called lessor.

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Lessee

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A person who has temporary possession of and an interest in real property of another under a lease. Also called tenant.

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Sublet

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A lease given by a lessee to a third person conveying the same interest for a shorter term than the period for which the lessee holds it. Also called underlease.