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LEGL 2700 Test 2 Hackleman UGA Exam/161 Complete Accurate Q’s and A’s
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LEGL 2700 Test 2 Hackleman UGA Exam/161 Complete Accurate Q’s and A’s
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LEGL 2700 Test 2 Hackleman UGA Exam/161Complete Accurate Q’s and A’s
property - -right to exclude others from resources that are acquired legally
-Property and Prosperity - -Promotes incentives, establishes capital
formation, easily divisible
-capital formation - -quality of resources that produces new or different
resources
-divisions of property - -real and personal
-Real Property - -ownership of land and mineral rights
-Personal Property - -movable resources, tangible and intangible
-air rights - -The right to use the open space above a property
-Subsurface Rights - -the rights to the natural resources below the earth's
surface
-fixtures on land - -Object of personal property that is so essential/annexed
to the land that it becomes part of the land (cleared up in contracts)
-Coastal Oil & Gas v Garza Energy - -coastal leases share 13 and out a
fracking well and pay a royalty fee, moved to a lot next to share 13 and
began tapping the same natural gas, stops paying royalty fee and gets the
same gas. since there was no injury to land, no problem
-Fee Simple Absolute - -no limitations or conditions attached to sell of land
-Fee Simple Defeasible - -may have a condition attached to its transfer
(land only can be used for a certain purpose)
-life estate - -Ownership of land for the duration of a person's life
-Leasehold Estate - -An estate that gives the holder (Tenant) a temporary
right to possession, without title.
-Concurrent Ownership - -Ownership by two or more persons at the same
time
-Joint Tenancy - -equal ownership shares. with right of survivorship, after
one owner dies, the other becomes sole owner of the resource
, -Tenancy in Common - -tenants can own different shares of the resource
-Easement - -a right to cross or otherwise use someone else's land for a
specified purpose.
-Easement by Reservation - -negotiating and buying ability to cross land
-Natural Easement - -easement by necessity to get from their land to the
nearest public road
-Negative Easement - -an adjoining landowner cannot do anything that
would cause your land to cave in or collapse
-Easement by Prescription - -when one person has used the land,
continuously and wrongfully, for a period of years, the titleholder of the land
can no longer prevent a person from using the land by crossing it
-Utility Easement - -a land definition that grants certain utility companies or
other entities the right to use land for a specific purpose
-Bailments - -goods placed into another's possession to be returned in the
future (much like a lease)
-Rule of First Possession - -the first person to reduce previously unowned
things to possession becomes their owner
-Adverse Possession - -when the land of another private person is adversely
and exclusively possessed in an open and notorious way
-Duke Energy Carolinas v Gray - -removal of the encroachment is a
recovery of real property lying outside the scope of section 1-50(a)(3); and
(2) therefore, this action fell within the twenty-year statute of limitations
-Possession through Confusion - -when identical goods are mixed together
by honest mistake, separate by returning proportional share
-Possession by Accession - -something that is added (accidentally picking
up someone's engine and building a car around it)
-Possession by Gift - -donor gives to donee both with intention and delivery
-Title - -Ownership represented by a physical document registered with the
state for certain resources
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