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Fair market value
The hypothetical most probable price that could be obtained for a property
by average, informed purchasers.
Fee simple
The most extensive
tenure allowed
under the feudal system allowing the tenant to sell
or convey by will or be transfer to a heir if the owner dies
intestate.
In modern law, almost all land is held in fee simple and this is as close as one
can get to absolute ownership in common law.
Fee tail
A form of
tenure under the feudal system that could only
be transferred to a
lineal
descendant. If there were no
lineal
descendants upon the death of the tenant, the land reverted back to the
lord.
Felony
A serious crime for which the punishment is prison for more than a year or
death. Crimes of less gravity are called
misdemeanours.
This term is no longer used in England or other Commonwealth countries but
remains a major distinction in the United States. Historically, in England, the
term referred to crimes for which the punishment was the loss of land, life or a
limb.
Feudal system
A social structure that existed throughout much of Europe between 800 and
1400 and that revolved around a multi-level hierarchy between lords (who held
land granted under
tenure from the king), and their tenants (also called "vassals").Tenants
would lease land from the lord in exchange for loyalty and goods or services,
such as military assistance or money. In exchange, the tenant would be protected
from attack.
Fiduciary
Normally, the term is synonymous to a
trustee,
which is the classic form of a fiduciary relationship. A fiduciary has rights
and powers which would normally belong to another person. The fiduciary holds
those rights which he or she must exercise to the benefit of the
beneficiary.
A fiduciary must not allow any conflict of interest to infect their duties
towards the
beneficiary and must exercise a high standard of care in protecting or
promoting the interests of the
beneficiary.
Fiduciary responsibilities exist for persons other than
trustees such
as between solicitor and client and principal and agent.
Fieri facias
A writ of
fieri facias commands a sheriff to take and sell enough property from the
person who lost the law suit, to pay the debt owed by the judgment.
Force majeure
French for an act of God; an inevitable, unpredictable act of nature, not
dependent on an act of man. Used in insurance contracts to refer to acts of
nature such as earthquakes or lightning.
Foreclosure
The technical meaning of the word is to wipe out a right of
redemption
on a property. Generally, this is what happens when someone does not pay their
mortgage.
Even though there has been no payments, the borrower retains a equitable right
of redemption
if, some day, he or she were able to find the money and try to exercise their
right of
redemption. To clear the title of this potential, a lender goes to court,
demonstrates the default, requests that a date be set where the entire amount
becomes payable after which, in the absence of payment, the lender is
automatically relieved of the requirement to redeem the property back to the
borrower; the debtor's right of
redemption
is said to be forever barred and foreclosed. This cancels all rights a borrower
would have in the property and the property then belongs entirely to the lender,
who is then free to possess or sell the property. The word is frequently used to
generally refer to the lender's actions of repossessing and selling a property
for default in
mortgage payments.
Fraud
Deceitful conduct designed to manipulate another person to give something of
value by (1) lying, (2) by repeating something that is or ought to have been
known by the fraudulent party as false or suspect or (3) by concealing a fact
from the other party which may have saved that party from being cheated. The
existence of fraud will cause a court to void a contract and can give rise to
criminal liability.
Freehold
A special right granting the full use of real estate for an indeterminate
time. It differs from
leasehold,
which allows possession for a limited time. There are varieties of freehold such
as fee simple and fee tail.
Freeholder
A person who owns freehold property rights (i.e. in a piece of real estate;
either land or a building).
Fugitive
One who runs away to avoid arrest, prosecution or imprisonment. Many
extradition laws also call the suspect a "fugitive" although, in that context,
it does not necessarily mean that the suspect was trying to hide in the country
from which extradition is being sought.
Functus officio
Latin: an officer or agency whose mandate has expired either because of the
arrival of an expiry date or because an agency has accomplished the purpose for
which it was created.
Fungibles
Goods which are comprised of many identical parts such as a bushel of grain
or a barrel of apples or oil, and which can be easily replaced by other,
identical goods. If the goods are sold by weight or number, this is a good sign
that they are fungible.
Furiosi nulla voluntas est
A Latin expression that mentally impaired persons cannot validly sign a
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