(1) To formally grant power or authority to someone. For example, when the President of the United States is inaugurated, he is invested with all the powers of ... (more...)

(1) To formally grant power or authority to someone. For example, when the President of the United States is inaugurated, he is invested with all the powers of that office. (2) To contribute money to a business venture, or to buy property or securities, with the intention and expectation of making a profit.

WORDS OF PROCREATION

Language used to leave property to a person and his or her descendants, which typically take the form 'to A, and the heirs of his body,' where A is the person r... (more...)

Language used to leave property to a person and his or her descendants, which typically take the form 'to A, and the heirs of his body,' where A is the person receiving the property.

ILLUSORY PROMISE

A promise that pledges nothing, because it is vague or because the promisor can choose whether or not to honor it. Such promises are not legally binding. For ex... (more...)

A promise that pledges nothing, because it is vague or because the promisor can choose whether or not to honor it. Such promises are not legally binding. For example, if you get a new job and promise to work for three years, unless you resign sooner, you haven't made a valid contract and can resign or be fired at any time.

NOVATION

The substitution of a new contract for an old one. A novation may change one of the parties to the contract or the duties that must be performed by the original... (more...)

The substitution of a new contract for an old one. A novation may change one of the parties to the contract or the duties that must be performed by the original parties.

COMMERCIAL FRUSTRATION

An unforeseen and uncontrollable event that excuses a party to a contract from performing his or her duties under that contract. For example, a landlord can bre... (more...)

An unforeseen and uncontrollable event that excuses a party to a contract from performing his or her duties under that contract. For example, a landlord can break a lease if the property she agreed to rent accidentally burns down before the tenants move in.

COVENANT

A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are ... (more...)

A restriction on the use of real estate that governs its use, such as a requirement that the property will be used only for residential purposes. Covenants are found in deeds or in documents that bind everyone who owns land in a particular development. See covenants, conditions and restrictions.

APPRECIATION

An increase in value. Appreciated property is property that has gone up in value since it was acquired.

INHERITORS

Persons or organizations who receive property from someone who dies.

PRIVATE MORTGAGE INSURANCE (PMI)

Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortga... (more...)

Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortgage plus the costs of the sale). A home buyer who makes less than a 20% down payment may have to purchase PMI.

SAMPLE LEGAL CASES

Port-A-Weld, Inc. v. Padula & Wadsworth Construction, Inc.

Padula was the general contractor on a project known as the West Central Bus Complex, which was owned by the School Board of Broward County. Port-A-Weld was a subcontractor hired by Padula to build metal pan stairs and other steel work in the complex for $150,000. Port-A- ...

Lincoln Associates & Construction, Inc. v. Wentworth Construction Company, Inc.

LINCOLN ASSOCIATES & CONSTRUCTION, INC., and Guarantee Insurance Company, Petitioners, v. WENTWORTH CONSTRUCTION COMPANY, INC., and Summit Holdings-Claims Center and Jose Armando Mejia, Respondents. ... District Court of Appeal of Florida, First ...

Heine v. Parent Construction, Inc.

This appeal arises from Parent Construction, Inc.'s construction of a home for Earl and Jennie Heine and the subsequent claims of breach of contract and construction defects. In the final judgment, the trial court found that Parent Construction was due the final $36,825.46 ...

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