FEE SIMPLE innocent conveyance. Hist.

A leaseholder's conveyance of the leaseholder's property interest that is, something less than a fee simple. The conveyance is of an equitable interest. [Cases: Landlord and Tenant 74. C.J.S. Landlord and Tenant 30, 53.] fee tail estate ad remanentiam (ad rem-<<schwa>>-nen-shee-<<schwa>>m). An estate in fee simple. FEE INTEREST fee interest. 1.FEE(2).2.FEE SIMPLE. 3.FEE TAIL. 4.Oil & gas. Ownership of both the surface interest and the mineral interest. ALLODIUM allodium (<<schwa>>-loh-dee-<<schwa>>m), n. An estate held in fee simple absolute. Also spelled alodium. Also termed alod; alode. [Cases: Estates in Property 5. C.J.S. Estates 1112.] In this country, one who has full ownership of land is said to own it allodially that is, free of feudal services and incidents. Thomas F. Bergin & Paul G. Haskell, Preface to Estates in Land and Future Interests 18 (2d ed. 1984).
BARGAIN AND SALE bargain and sale. 1. A negotiated transaction, usu. for goods, services, or real property. 2.Hist. A written agreement for the sale of land whereby the buyer would give valuable consideration (recited in the agreement) without having to enter the land and perform livery of seisin, so that the parties equitably raised a use in the buyer. The result of the transaction was to leave the legal estate in fee simple in the seller and to create an equitable estate in fee simple in the buyer until legal title was transferred to the buyer by delivery of a deed. In most jurisdictions, the bargain and sale has been replaced by the statutory deed of grant. [Cases: Deeds 22.C.J.S. Deeds 16.] BARGAINED-FOR EXCHANGE bargained-for exchange.Contracts. A benefit or detriment that the parties to a contract agree to as the price of performance in return for a promise. The Restatement of Contracts (Second) defines consideration exclusively in terms of bargain, but it does not mention benefit or detriment. BARGAIN SALE bargain sale.A sale of property for less than its fair market value. For tax purposes, the difference between the sale price and the fair market value must be taken into account. And bargain sales between family members may lead to gift-tax consequences. Also termed bargain purchase. BARGAIN THEORY OF CONSIDERATION bargain theory of consideration. The theory that a promise or performance that is bargained for in exchange for a promise is consideration for the promise. This theory underlies all bilateral contracts. See bilateral contract under CONTRACT. [Cases: Contracts 50. C.J.S. Contracts 87.]

[C]lassical contract theory tended to associate the doctrine of consideration with the concept of bargain. The emphasis of classical law shifted away from actual benefits and detriments to the mutual promises which constitute a wholly executory contract. American lawyers developed from this trend a bargain theory of consideration and similarly in English law a more modern basis for the doctrine of consideration was found by some lawyers in the notion that a contract is a bargain in which the consideration is the price of the bargain. Allied to this is the supposed rule that nothing can be treated as a consideration unless it is seen by the parties as the price of the bargain. P.S. Atiyah, An Introduction to the Law of Contract 119 (3d ed. 1981). BARGAIN bargain,n. An agreement between parties for the exchange of promises or performances. A bargain is not necessarily a contract because the consideration may be insufficient or the transaction may be illegal. See BARGAIN SALE; informal contract under CONTRACT. [Cases: Contracts 1.C.J.S. Contracts 23, 9, 12.] bargain,vb. A bargain is an agreement of two or more persons to exchange promises, or to exchange a promise for a performance. Thus defined, bargain is at once narrower than agreement in that it is not applicable to all agreements, and broader than contract since it includes a promise given in exchange for insufficient consideration. It also covers transactions which the law refuses to recognize as contracts because of illegality. Samuel Williston, A Treatise on the Law of Contracts 2A, at 7 (Walter H.E. Jaeger ed., 3d ed. 1957). catching bargain.An agreement on unconscionable terms to purchase real property from or loan money secured by real property to a person who has an expectant or reversionary interest in the property. illegal bargain.A bargain whose formation or performance is criminal, tortious, or otherwise contrary to public policy. BITING RULE biting rule. A rule of construction that once a deed or will grants a fee simple, a later provision attempting to cut down, modify, or qualify the grant will be held void. [Cases: Deeds 124; Wills 601(2).C.J.S. Deeds 245.] CLAIM OF RIGHT claim of right. 1.Hist. A criminal plea, usu. to a theft charge, by a defendant asserting that the property was taken under the honest (but mistaken) belief that the defendant had a superior right to the property. The claim of right could also be raised in defense against bigamy if a defendant honestly believed that an earlier marriage had been legally dissolved. It has been superseded by a defense of honesty. 2.Hist. An owner's action to recover unjustly taken land in fee simple by employing a writ of course. See WRIT OF COURSE. 3.CLAIM OF OWNERSHIP. CLAIM-OF-RIGHT DOCTRINE claim-of-right doctrine.Tax. The rule that any income constructively received must be reported as income, whether or not the taxpayer has an unrestricted claim to it. [Cases: Internal Revenue 3086, 3118. C.J.S. Internal Revenue 5354, 63.] CLAIM OF TITLE claim of title. See CLAIM OF OWNERSHIP. CLAIM PRECLUSION claim preclusion. See RES JUDICATA. [T]he principal distinction between claim preclusion and issue preclusion is ... that the former forecloses litigation of matters that have never been litigated. This makes it important to know the dimensions of the claim that is foreclosed by bringing the first action, but unfortunately no precise definition is possible. Charles Alan Wright, The Law of Federal Courts 100A, at 723 (5th ed. 1994).

CLAIM-PROPERTY BOND claim-property bond. See replevin bond under BOND(2). CLAIMS ADJUSTER claims adjuster. See insurance adjuster under ADJUSTER. CONVEYANCER conveyancer (k<<schwa>>n-vay-<<schwa>>n-s<<schwa>>r). A lawyer who specializes in real-estate transactions. In England, a conveyancer is a solicitor or licensed conveyancer who examines title to real estate, prepares deeds and mortgages, and performs other functions relating to the transfer of real property. CONVEYANCING conveyancing (k<<schwa>>n-vay-<<schwa>>n-sing). The act or business of drafting and preparing legal instruments, esp. those (such as deeds or leases) that transfer an interest in real property. Conveyancing is the art or science of preparing documents and investigating title in connection with the creation and assurance of interests in land. Despite its connection with the word conveyance, the term in practice is not limited to use in connection with old system title but is used without discrimination in the context of all types of title. Peter Butt, Land Law 7 (2d ed. 1988). Conveyancing may be regarded as the application of the law of real property in practice. Robert E. Megarry & M.P. Thompson, A Manual of the Law of Real Property 125 (6th ed. 1993).

CONVEYANCING COUNSEL conveyancing counsel. Three to six lawyers who are appointed by the Lord Chancellor to assist the High Court of Justice with opinions in matters of property titles and conveyancing. Also termed conveyancing counsel of the Supreme Court; (formerly) conveyancing counsel to the Court of Chancery. deed in fee. A deed conveying the title to land in fee simple, usu. with covenants. deed in lieu of foreclosure. A deed by which a borrower conveys fee-simple title to a lender in satisfaction of a mortgage debt and as a substitute for foreclosure. This deed is often referred to simply as deed in lieu. [Cases: Mortgages 293. C.J.S. Mortgages 441443.] DEFEASIBLE defeasible, adj. (Of an act, right, agreement, or position) capable of being annulled or avoided <defeasible deed>. See fee simple defeasible under FEE SIMPLE . defeasibility,n.