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BUS 393 (75)
Lecture

CHAPTER 8 property

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Department
Business Administration
Course
BUS 393
Professor
Robert Adamson
Semester
Winter

Description
CHAPTER 8: PROPERTY Real property - Land and things affixed to land o Buildings, bridges, structures Personal property - Tangible goods and movables (chattels) o Fixed in one location - Choses in action (intangible claims - Intellectual property (ideas and info) - BAILMENT – one person takes possession of and cares for goods of another o Gratuitous bailment for benefit of the bailee  Someone borrows tools to work on her house  Duty imposed is high o Gratuitous bailment for benefit of the bailor  Store someone’s tools because there is no room in their apartment  Duty imposed lower o Involuntary bailment  Duty of care is only what would be expected of them caring for own goods  Reasonable persons test o Bailment for value  Mutual benefit/pursuant to a contract  Duty of care on bailee (reasonable persons test) FEE SIMPLE ESTATES - Equivalent to ownership - Right to the land/right to use land - Limitations: o Extends to only reasonably useable distance above/subsurface o Mineral rights withheld o Restrictions (covenants, building schemes) o Gov’t powers (taxation, building permits) LEASEHLD ESTATE - Tenant given exclusive possession and right to use land for period of time - Periodic leases: lease is only for one month but is auto renewed every month until notice given to terminate - COMMERCIAL LEASES o Must be written o Landlord to deliver VACANT POSESSION  Make sure prior tenants gone before new tenants occupy  To deliver QUIET ENJOYMENT  Tenant has to be able to use premises for purpose for which they were let - RESIDENTIAL LEASES o Standard form leases often required o Landlord obligated to make general/emergency repairs  Pay for damages they cause o Neither party required to repair normal wear/tear o Notice period for landlord to terminate lease extended o Amount of purpose of SECURITY DEPOSITS restricted and must be returned with interest o Rent increase limited to one per year Easement – gives others right to use the land - Right of way: intrusion not permanent, just gives right for x to cross over one property to get to another - Restrictive covenants – land sold, seller may put restriction on what land can be used for/what can be built on it - Can be +/- o Negative bind future owners o building schemes: bind whole subdivisions  e.g. houses cannot be more than 3 stories - license: right to use/access property for a particular purpose o e.g. rent hotel room not given exclusive right to use it o profit e prendre: right to remove something such as gravel/trees from land JOINT TENANCY - right of survivorship o both tenants own property but neither can say it is exclusively theirs Tenancy in common – doesn’t include right of survivorship - when one party dies, money goes to their heirs Condominiums - property separated vertically/horizontally Cooperatives – property owned together but instead of each member owing fee simple interest in a specific part, the owners own whole property together and each share entitles them to
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