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| property concerns legal restrictions among people regarding control and disposition of valued resources |
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| claims enforceable by state power, that others act in a certain manner in relation to the right holder. |
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| permissions to act in a certain manner without being liable for damages to others and without others being able to summon state power to prevent those acts |
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| state enforced abilities to change legal entitlements held by oneself or others |
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| security from having ones own entitlements changed by others |
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| ownership potentially lasts forever; the owner can leave it to his heirs or write a will determining who will get it when the owner dies |
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| can last forever, but will terminate upon the happening of some event named in the original conveyance, at which time ownership passes to the owner of the future interest |
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| (defeasible fee) future interest vests in grantor automatically when the condition occurs |
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| fee simple subject to condition subsequent |
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| (defeasible fee)future interest vest in grantor if he asserts it after condition occurs |
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| fee simple subject to executory limitation |
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| (defeasible fee)future interest vests in a third party other than the grantor after the condition occurs |
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| last for the life of the owner and then pass either to the grantor or his heirs (as a reversion) or to a third party chosen by the grantor at the time the life estate was created (as a remainder) |
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| transfer possession for a fixed period of time or a renewable period or exist at the will of the owner |
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| two or more persons own the same property at the same time; each owns the right to posess the entire propery (undivided interest); each interest is alienable, inheritable, and divisible |
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| characterized by a right of survivorship; not inheritable or devisable |
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| the legal remedy for divding property when joint owners cannot agree on usage |
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| conditions that dont allow division by partition |
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| varried topography, varied land uses, owners interes is too small |
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| the entire building is owned by a single nonprofit corporation |
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| an association of two or more persons to carry on as co-owners a business for profit |
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| a corporation is a business enterprise that: |
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Definition
| seperates ownership and management, limits the liability of owners, provides for perpetual existence of the business as a seperate legal entity, allows easy transferability of individual ownership interests, and provides mechanisms by which one corp can aquire or merge with another |
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