Profit (real Property)
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Profit (real Property)
A profit (short for ''profit-à-prendre'' in Middle French for "advantage or benefit for the taking"), in the law of real property, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. Indeed, because of the necessity of allowing access to the land so that resources may be gathered, every profit contains an implied easement for the owner of the profit to enter the other party's land for the purpose of collecting the resources permitted by the profit. Creation Like an easement, profits can be created ''expressly'' by an agreement between the property owner and the owner of the profit, or by ''prescription'', where the owner of the profit has made "open and notorious" use of the land for a continuous and uninterrupted statutory period. Types A profit can be ''appurtenant'' (owned by an adjacent landowner, and tied to the use ...
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Profit
Profit may refer to: Business and law * Profit (accounting), the difference between the purchase price and the costs of bringing to market * Profit (economics), normal profit and economic profit * Profit (real property), a nonpossessory interest in land * Account of profits, a type of equitable remedy in law (also known as an accounting) Arts, entertainment, and media * ''Profit'' (magazine), a Canadian business magazine aimed at entrepreneurs * ''Profit'' (TV series), an American TV series starring Adrian Pasdar People * Joe Profit (born 1959), former American football player * Laron Profit (born 1977), professional basketball player * Richard Profit (born 1974), English mountaineer and adventurer * Park "Profit" Joon-yeong, professional ''Overwatch'' player Places * Profit, United States Virgin Islands See also * Prophet (other) A prophet is a person who is believed to speak through divine inspiration. Prophet or The Prophet may also refer to: People ...
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English Law
English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. Principal elements of English law Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, regulations and by-laws. In the absence of any statutory law, the common law with its principle of ''stare decisis'' forms the residual source of law, based on judicial decisions, custom, and usage. Common law is made by sitting judges who apply both statutory law and established principles which are derived from the reasoning from earlier decisions. Equity is the other historic source of judge-made law. Common law can be amended or repealed by Parliament. Not being a civil law system, it has no comprehensive codification. However, most of its criminal law has been codified from its common ...
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Parliament Of England
The Parliament of England was the legislature of the Kingdom of England from the 13th century until 1707 when it was replaced by the Parliament of Great Britain. Parliament evolved from the great council of bishops and peers that advised the English monarch. Great councils were first called Parliaments during the reign of Henry III (). By this time, the king required Parliament's consent to levy taxation. Originally a unicameral body, a bicameral Parliament emerged when its membership was divided into the House of Lords and House of Commons, which included knights of the shire and burgesses. During Henry IV's time on the throne, the role of Parliament expanded beyond the determination of taxation policy to include the "redress of grievances," which essentially enabled English citizens to petition the body to address complaints in their local towns and counties. By this time, citizens were given the power to vote to elect their representatives—the burgesses—to t ...
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Statute
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by legislative bodies; they are distinguished from case law or precedent, which is decided by courts, and regulations issued by government agencies. Publication and organization In virtually all countries, newly enacted statutes are published and distributed so that everyone can look up the statutory law. This can be done in the form of a government gazette which may include other kinds of legal notices released by the government, or in the form of a series of books whose content is limited to legislative acts. In either form, statutes are traditionally published in chronological order based on date of enactment. A universal problem encountered by lawmakers throughout human history is how to organize published statutes. Such publicat ...
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Statute Of Westminster I
The Statute of Westminster of 1275 (3 Edw. I), also known as the Statute of Westminster I, codified the existing law in England, into 51 chapters. Only Chapter 5 (which mandates free elections) is still in force in the United Kingdom, whilst part of Chapter 1 remains in force in New Zealand. It was repealed in Ireland in 1983. William Stubbs gives a summary of the Statute: Though it is a matter of dispute when ' (Law French for "hard and forceful punishment") was first introduced, chapter 3 states that those felons standing mute shall be put in '. History The Statute of Westminster of 1275 was one of two English statutes largely drafted by Robert Burnell and passed during the reign of Edward I. Edward I had returned from the Ninth Crusade on 2 August 1274 and was crowned King of England on 19 August. His first Parliament was summoned for the quinzaine of the Purification on 16 February 1275 but was prorogued until the day after Easter on 22 April 1275, but did not meet unt ...
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Time Immemorial
Time immemorial ( la, Ab immemorabili) is a phrase meaning time extending beyond the reach of memory, record, or tradition, indefinitely ancient, "ancient beyond memory or record". The phrase is used in legally significant contexts as well as in common parlance. In law In law, time immemorial denotes "a period of time beyond which legal memory cannot go," and "time out of mind." Most frequently, the phrase "time immemorial" appears as a legal term of art in judicial discussion of common law development and, in the United States, the property rights of Native Americans. English and American Common Law "Time immemorial" is frequently used to describe the time required for a custom to mature into common law.Kunal M. Parker"Law "In" and "As" History: The Common Law in the American Polity, 1790-1900" 1 UC Irvine L. Rev. 587, 594-600 (2011). Common law is a body of law identified by judges in judicial proceedings, rather than created by the legislature.James Apple,A Primer o ...
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Common Law
In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omnipresence in the sky, but the articulate voice of some sovereign or quasi sovereign that can be identified," ''Southern Pacific Company v. Jensen'', 244 U.S. 205, 222 (1917) (Oliver Wendell Holmes, dissenting). By the early 20th century, legal professionals had come to reject any idea of a higher or natural law, or a law above the law. The law arises through the act of a sovereign, whether that sovereign speaks through a legislature, executive, or judicial officer. The defining characteristic of common law is that it arises as precedent. Common law courts look to the past decisions of courts to synthesize the legal principles of past cases. '' Stare decisis'', the principle that cases should be decided according to consistent principled rules ...
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Wheeldon V Burrows
''Wheeldon v Burrows'' (1879) LR 12 Ch D 31 is an English land law case confirming and governing a means of the implied grant or grants of easements — the implied grant of all continuous and apparent inchoate easements (quasi easements, that is they would be easements if the land were not before transfer in unity of possession and title) to a transferree of part, unless expressly excluded. The case consolidated one of the three current methods by which an easement can be acquired by implied grant. It was little altered by subsequent case law by 1925 but has been further consolidated by section 62 of the Law of Property Act 1925. Both types of implied grant are widely excluded in agreements by sellers of part and to some extent other transferors of part, so that the retained land can be developed subject to general and local planning law constraints. Facts Mr Tetley owned a piece of land and a workshop in Derby, which had windows overlooking and receiving light from the ...
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Easements In English Law
Easements in English law are certain rights in English land law that a person has over another's land. Rights recognised as easements range from very widespread forms of rights of way, most rights to use service conduits such as telecommunications cables, power supply lines, supply pipes and drains, rights to use communal gardens and rights of light to more strained and novel forms. All types are subject to general rules and constraints. As one of the formalities in English law express, express legal easements must be created by deed. Some classes, types, of easement are heavily constrained — the courts of England and Wales will only uphold these as easements subject to wide-reaching public policy, chiefly property rights interference, tests they have laid down in precedent. Similar tests apply to the implication of easements. If they fail on any of these tests the right claimed may be interpreted as a "mere" licence, typically a right of use revocable at will. Details of th ...
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Law Of Property Act 1925
The Law of Property Act 1925c 20 is a statute of the United Kingdom Parliament. It forms part of an interrelated programme of legislation introduced by Lord Chancellor Lord Birkenhead between 1922 and 1925. The programme was intended to modernise the English law of real property. The Act deals principally with the transfer of freehold or leasehold land by deed. The LPA 1925, as amended, provides the core of English land law, particularly as regards many aspects of freehold land which is itself an important consideration in all other types of interest in land. Background The keynote policy of the act was to reduce the number of legal estates to two – freehold and leasehold – and generally to make the transfer of interests in land easier for purchasers. Other policies were to regulate mortgages and as to leases, to regulate mainly their assignment, and to tackle some of the '' lacunae'', ambiguities and shortcomings in the law of property. Innovations included the def ...
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Equity (law)
Equity is a particular body of law that was developed in the English Court of Chancery. Its general purpose is to provide a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case. The concept of equity is deeply intertwined with its historical origins in the common law system used in England. However, equity is in some ways a separate system from common law: it has its own established rules and principles, and was historically administered by separate courts, called " courts of equity" or "courts of chancery". Equity exists in domestic law, both in civil law and in common law systems, and in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law (''aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (gener ...
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Law Of Property (Miscellaneous Provisions) Act 1989
The Law of Property (Miscellaneous Provisions) Act 1989 (c 34) is a United Kingdom Act of Parliament, which laid down a number of significant revisions to English property law. Nature of reforms The Act introduced several distinct reforms: :* The common law rules governing the form and delivery of a deed were abolished, and were replaced by requirements that: :** a deed is valid only when expressed as such, :** it is either signed by an individual in the presence of a witness who attests to it, or at his direction and attested by two witnesses, and :** it is delivered as a deed by him or a person authorised to do so on his behalf. :* Contracts for the sale or other disposition of an interest in land must be made in writing, and they must incorporate all agreed terms in one document. :* The rule of law known as the rule in ''Bain v. Fothergill'' (where, in an action for breach of contract for the sale of land because of failure of title without fraud, the plaintiff may reco ...
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