28 November 2013
A. agency define the concept use the textbook, in the provision they apply the
concept of agency
Temporary is fundamental because the person that actually transferring expect to
get it back.
Example: when you do valet parking you expect to get your car back.
When you look at property
We saw two types of bailments:
1.expect to receive something
2. Other one don’t receive something
When we are dealing with property we are dealing here with what?
This concept is very critical in a way we see things
Individuals have to distinguish between land property and movable property
Land property involves real state what would that be: dwelling but also includes
the soils, who own what’s under the soil normally the owner who has the land
unless it is granted to someone else consequently when dealing with land property
and what is under. There could be resources and other forms of minerals.
THE LAND WITH THE fixture create the building (create the legal rights)
Example: Are these speaker are a part of these building are these permanent
When we say fixture in law involves tangible personal property that tangible
property could also be fixed to the land e.g: light post. Another example:
Interest in land:
1. Fee simple: the legal interest that we have in real property that means the
person that has a property in fee simple that has highest tenor in that property can
dispose as they wish. Why is it imp? You can decide mortgage, divide the land and
then decide to sell it. Consequently notion of tenor you have that tenor that
belongs to you. Dispose as you wish is your call
2. Tenancy in common: it involves coownership where each owner have a
undivided interest and can dispose of that interest. Tenancy in common is a notion
of ownership so idea behind that is refers to the fact there is this joint tenancy that
means they own an undivided portion of a given property. So they are entitled for
what they own to deal with it in any way. They may deicide what to do with that
tenancy. Example: I have a buddy of mine I decide to buy a mall and we buy do joint
tenancy. Use it as a collateral, I don’t need the permission of my other college in a
fee simple I cant mortgage the property without the partner’s permission.
3. Joint tenancy: this is where there is a non divided ownership based on the right
of survivorship consequently, that means if one joint tenant dies the undivided
interest goes directly and automatically to the other joint tenant. That means that
out there is going to be that issue of survivorship so when you write in a contract
in a joint tenancy no matter what the right goes to the other partner. So own a
property with another college you decide to add the clause joint tenancy so
whomever dies give the other college that part.
When things go wrong what do you do? You have signed the agreement.
Limitation on ownership
1. Easement: The right to use the land on another person for a particular purpose
Example: you give the right to your neighbor to cross your land because he has no
access to the river or the lake.
Example: easement of 99 years example of that is hongkong.
2. Grants that are conceded on property: example: grants pertaining regarding
removal of materials. E.g: you have a crop you are hiring people to come and
collect the materials (fruits of the land)
3. Restrictive covenant: restriction on the usage of land as specified by the title.
Example: you cannot cut the trees because they are historical trees or because they
4. Security loans and other financial instruments
In the agreement that we provide a specific terms
Example: can only pay 25% of the mortgage payment it can be very hafty out
there when we are dealing with all this it act