Management and Organizational Studies 2275A/B Lecture Notes - Lecture 7: Concurrent Estate, High Standard Manufacturing Company, Bailment

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Relationship between people with respect to things. Real property land and buildings and anything attached to them: fixed and not moveable. Personal property everything that is not real property. Fixtures are goods that are attached to real property (can be personal or real: depends on how easily it can be removed and how much damage it will do by removing it. Fee simple most private interest one can have in land (not ultimate ownership, crown still can claim rights) Life estate right to live in a place for one"s lifetime, cannot sell or transfer ownership, only has ownership for lifetime. Leasehold estate right to possess land pursuant to a lease. Right of way shared use (i. e. shared driveway) Restrictive covenants provides for homogenous neighbourhoods, can. Licenses permission to go on someone"s property to profit prevent people from doing different things, property interests that run with land.