West business law I
Terms
undefined, object
copy deck
- what is concurrent ownership?
- more than 1 owner
- what is joint tenancy?
- 50/50 equal ownership. Ownership rights must be equal
- what is tenancy in common?
-
90% - owner 1
10% - owner 2
can have varied ownership - what is the right of use?
- use is 100% each, every owner can use 100% of property
- What is transfer issues?
- permission is not required to sell economic rights & right to use by other owners in either joint or in common
- What does death do to a joint tenancy?
- if one owner dies, the other takes ownership
- what does death do to a tenancy in common?
- if one owner dies, it goes to heirs at law
- what are two types of gifts?
- gifts among the living and conditional gifts
- what are gifts among the living?
-
they must
1) be present, donative, and have intent
2) must have delivery
3) must be accepted - what are conditional gifts?
- future oriented gifts