joint tenancy
when two or more persons own equal shares of personal property with right of suvivorship
tenancy by the entirety
form of joint ownership of property by husband and wife in which both have a right to the entire property and the right of survivorship
tenancy in common
a form of joint ownership of property by two or more persons in which any owner's interest can be sold, transferred, or inherited
easement
a right or interest in land granted to a party to make beneficial use of the land owned by another
accession
the right of an owner of property to increase in the property
the resource conservation and recovery act of 1976 (RCRA)
governs the storage and disposal of toxic substances
independent agency
governed by the board of commissioners appointed by the president with "advise and consent" of US senate
adverse possession
when title to land is acquired by a person's exclusive, continuous, open, known, and hostile use of the property over a period of time
fiduciary responsibility
a legal requirement that a person will exercise his or her authority while working under a duty of loyalty and a duty of care
duty of loyalty
a legal and ethical obligation placed upon a director to administer to the affairs of the corporation with personal integrity, honesty, and candor
duty of care
a legal and ethical obligation placed upon a director to act diligently and prudently in conduction the affairs of the corporation
statutory law
laws passed by congress or by state legislatures
fee simple
when an owner of a freehold estate holds it absolutely
quorum
the minimum number of shares necessary to be present at a corporate meeting in order for action to be taken
eminent domain
when ownership of real property is taken by the government and the previous owner is compensated at the fair market value of the property
ordinance
law passed by a local government