The law of property at common law
Read the text and match the italicised words with their definitions below.
Compare with the situation in Bulgaria.
At common law, the area of property law covers various forms of ownership and possessionof real property and personal property. Possession is largely a matter of fact, while ownership is an aggregate right described as “the entirety of the power of useand the power of disposal allowed by law”. The traditional common law distinction between “real property” (realty) and “personal property” (personalty) roughly corresponds to the Continental discrimination between “movable property” and “immovable property”. Ownership interests in real property can be divided into freeholds and leaseholds. Freehold estates are ownership interests with indefinite duration, while the duration and conditions of leaseholds are usually specified in the lease – a contract for exclusive possession in return for the payment of rent concluded for a term of years. Ownership interests in personal property (chattels personal) can be divided into choses in possession and choses in action. Choses in possession are ownership interests in physical things that can be touched (e.g. goods, furniture, animals, etc.), while choses in action have no tangible existence (e.g. stocks and shares, patent rights, copyrights, etc.).
a. different types of freehold interest, the most common being fee simple and life estate;
b. possessing real substance, capable of being touched;
c. benefit, advantage, economic concern;
d. the act of distinguishing or differentiating;
e. truth that can be empirically proved, not a matter of opinion/ judgment;
f. tangible commodities – as opposed to services, which are intangible;
g. the length of time that something lasts or continues;
h. collected, unified interest;
Compare with the situation in Bulgaria.
At common law, the area of property law covers various forms of ownership and possessionof real property and personal property. Possession is largely a matter of fact, while ownership is an aggregate right described as “the entirety of the power of useand the power of disposal allowed by law”. The traditional common law distinction between “real property” (realty) and “personal property” (personalty) roughly corresponds to the Continental discrimination between “movable property” and “immovable property”. Ownership interests in real property can be divided into freeholds and leaseholds. Freehold estates are ownership interests with indefinite duration, while the duration and conditions of leaseholds are usually specified in the lease – a contract for exclusive possession in return for the payment of rent concluded for a term of years. Ownership interests in personal property (chattels personal) can be divided into choses in possession and choses in action. Choses in possession are ownership interests in physical things that can be touched (e.g. goods, furniture, animals, etc.), while choses in action have no tangible existence (e.g. stocks and shares, patent rights, copyrights, etc.).
a. different types of freehold interest, the most common being fee simple and life estate;
b. possessing real substance, capable of being touched;
c. benefit, advantage, economic concern;
d. the act of distinguishing or differentiating;
e. truth that can be empirically proved, not a matter of opinion/ judgment;
f. tangible commodities – as opposed to services, which are intangible;
g. the length of time that something lasts or continues;
h. collected, unified interest;
Created: Friday, 5 December 2014, 9:56 PM by Михаела Петрова
| Version | User | Modified | ||
|---|---|---|---|---|
| 1 | ТАТеодора Атанасова | 6:09 PM | 9 December 2014 |