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Conditional Limitation
Conditional Limitation, in law, a phrase used in two senses. (1) The qualification annexed to the grant of an estate or interest in land, providing for the determination of that grant or interest upon a particular contingency happening. An estate with such a limitation can endure only until the particular contingency happens; it is a present interest, to be divested on a future contingency. The grant of an estate to a man so long as he is parson of Dale, or while he continues unmarried, are instances of conditional limitations of estates for life. (2) A use or interest in land limited to take effect upon a given contingency. For instance, a grant to X. and his heirs to the use of A., provided that when C. returns from Rome the land shall go to the use of B. in fee simple. B. is said to take under a conditional limitation, operating by executory devise or springing or shifting use. In American law, this creates a fee simple on condition subsequent A condition subsequent is a ph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate (law)
An estate, in common law, is the net worth of a person at any point in time, alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.) Depending on the particular context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only. The equivalent in civil law legal systems is patrimony. Bankruptcy Under United States bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors. However, some assets are recognized as exempt to allow a person significant resources to restart his or her financial life. In the United States, asset exemptions depend on va ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contingency (contract)
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions occurring. A contingent contract can also be viewed as protection against a future change of plans. Contingent contracts can also lead to effective agreement when each party has different time preferences. For example, one party may desire immediate payoffs, while the other party may be interested in more long-term payoffs. Further, contingency contracts can foster an agreement in negotiations involving resolute differences of expectations about the future. Section 31, chapter III of the Indian contract act of 1872 defines a contingent contract. Use Contingent contracts can be used in many types of settings such as work, school, home, etc. In regards t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Future Interest
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate; that is, an estate with a condition or event triggering transfer of possessory ownership. A common example is the landlord-tenant relationship. The landlord may own a house, but has no general right to enter it while it is being rented. The conditions triggering the transfer of possession, first to the tenant then back to the landlord, are usually detailed in a lease. As a slightly more complicated example, suppose O is the owner of Blackacre. Consider what happens when O transfers the property, "to A for life, then to B". Person A acquires possession of Blackacre. Person B does not receive any right to possess Blackacre immediately; however, once person A dies, possession will fall to person B (or his estate, if he died before perso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. The United States is also in Compact of Free Association, free association with three Oceania, Pacific Island Sovereign state, sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Palau, Republic of Palau. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. It shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fee Simple
In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. A "fee" is a vested, inheritable, present possessory interest in land. A "fee simple" is real property held without limit of time (i.e., permanently) under common law, whereas the highest possible form of ownership is a "fee simple absolute," which is without limitations on the land's use (such as qualifiers or conditions that disallow certain uses of the land or subject the vested interest to termination). The rights of the fee-simple owner are limited by government powers of taxation, compulsory purchase, police power, and escheat, and may also be limited further by certain encumbrances or conditions in the deed, such as, for example, a condition that required the land to be used as a public park, with a reversion interest in the grantor if the condition fails; this is a fee simple conditional. History The word "fee" is related to the term fief, meaning a feudal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Condition Subsequent
A condition subsequent is a philosophical and legal term referring to a defined event which terminates a proposition or a contractual obligation. In contrast to a condition precedent, a condition subsequent brings the event (or obligation) to an end, rather than being necessary for to the event or obligation to occur. In law, a condition subsequent is an event, or state of affairs, whose occurrence is automatically construed to terminate the obligation of one party to the other. One example is that, if a man agreed to pay a barber to shave his beard, the barber then failing to do so would terminate the man's obligation to pay. An exit clause is a form of condition subsequent that can serve as a form of insurance for the party to whom it applies. In contract law, a contract may be frustrated on the occurrence of a condition subsequent: in a contract to provide a music hall for a musical performance, the burning down of the music hall may frustrate the contract and automatically br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |