Texas Law of Contracts Level 2
common law (Ans- the side of law which arises from judgements and decisions made in courts rather than explicit legislation
statutory law (Ans- law formally created by lawmakers
improvement (Ans- any non-natural structure built on or affixed to land
real estate (Ans- a part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature
land (Ans- the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity
Adaptation (Ans- the use and modification of a particular item for a specific use in a property — specific use for a property could deem an item as real property
annexation (Ans- attaching (or affixing) personal property to real estate in a way that transforms the personal property into real property
bill of sale (Ans- a certificate of transfer of personal property
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Emblements (Ans- crops growing on a property which require annual care and are considered the personal property of the owner
fixture (Ans- an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property
Intention (Ans- the owner's intent for an item — was it designed to be a part of the real property
personal property (Ans- any moveable, unattached property that is not real property; also known as chattel or personality
trade fixture (Ans- objects affixed to the leased property that are owned by and necessary for the tenant's trade or business
Severance (Ans- the act of separating real property from the land (and hence, turning it into personal property)
situs (Ans- the economic significance of a property's location
beneficiary (Ans- the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy
joint tenancy (Ans- co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance
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