Property

• The term of a lease can be fixed or periodic
• Fixed-term leases are for a specific period, e.g., one year
• A lease is an agreement between the landlord (lessor) and tenant (lessee)
• Actual possession or close pursuit after a mortal wounding gives a hunter a right to possession of the animal that is superior to another hunter’s intervention.
• If there is no actual possession, then the first person who intervenes has priority over any other subsequent intervener.
• Constructive Possession

  person may not be in actual possession but will be deemed legally as being in actual possession.
• A finder of lost property has greater rights to the found property than the whole world except the rightful owner, a prior or rightful possessor, or a person holding through the rightful owner of rightful possessor.
• Simultaneous Death Act

  If you survive for 5 days after, then you have to make a new will. If you survive for less than that, then you are presume to have died simultaneously.
• Exclusive Possession

  Exclusive possession requires the trespasser to hold the property exclusively without the possession of the actual owner, other adverse possessors, and members of the general public.
• Continuous Possession

  Continuous possession is when a trespasser uses and occupies the property in a way that a true owner would for a period that satisfies the statute of limitations.
• Hostile or adverse entry and possession

  Hostility may be presumed when possessing a color of title. If it's not, there are three jurisdictional rules on hostility. Under the majority objective rule, the focus is on the adverse possessor actions that must be consistent with the actions of an owner of land. Under the good faith rule, the adverse possessor must believe that he or she owns the land. Under the bad faith rule, the adverse possessor must be he or she does not own the land but still occupies it.
• Term of Years

  Lease for a fixed period of time. Arises from a lease or rental agreement that expires at the end of a definite period. The term of years ends naturally and is not divested , the future interest following a term of years is a reversion if the property is owned by the grantor again. A term of years is alienable, inheritable, devisable.
• Economic Waste

  Occurs when the income from property is insufficient to pay the expenses the life tenant has a duty to pay: ordinary maintenance, real estate taxes, interest on mortgages etc.
• Agreed Boundaries Doctrine

  When both parties agree but they are mistake about a boundary.
• Gift

  A gratuitous transfer that does not require consideration
• Inter Vivos

  During life, are irrevocable. Except for when it is a check. Those are revoked upon death if not cashed and can be revoked any time prior to the deposit.
• Causa Morts

  Gift in contemplation of death. They are revocable (a) until the donor's death, or (b) in the event of the donor's recovery.
• Elements of a gift

  Intent, delivery, and acceptance
• Intent in a gift is to make a present transfer of a present or future interest
• Delivery provides evidence of the present intent to make a gift and must be satifies by: manual delivery, constructive delivery or symbolic delivery
• Manual delivery is required unless it is not feasible. Manual delivery is the physical handing over the subject matter of the gift and is generally required when the subject of the gift is capable of being physically transferred
• Constructive delivery is transferring access to the subject matter of the gift (i.e., keys to a car)
• Symbolic delivery is transferring an instrument that evidences the gift
• Acceptance by the donee (which is generally presumed)
• Copyright protects artistic or other creative expression. Fair use is the major defense for copyright. Owners can transfer their copyrights to others. The Copyright Act of 1976 protects the life of the author plus 70 years and this term cannot be renewed.
• Requirements for copyright (1) orignality, (2) work of authorship and (3) fixation
• Originality must be independent creation, expressed and needs more than minimum of creativity
• Destructibility of Contingent Remainder is when a contingent remainder is destroyed when the prior estate terminates.
• Rule of Shelly's Case is if a conveyance creates a life estate or fee tail in a transferee and also creates a remainder in fee simple in transferee's, heirs then the future interest belongs to the transferee (not the heirs)
• Doctrine of Worthier Title is doctirne where the owner of the real property can transfer the land to the heirs only through the worthier method of descent (Intestate succession) , not by means devise or conveyance.