Lesson+7-Property

Lesson 7 - Property Refer to Chapter 19 in the student text for detailed notes.

Terms for this lesson · ** __ Property __ **** :  ** a thing, tangible or intangible, that is subject to ownership and a group of related legal rights. · ** __ Personal Property: __ ** sometimes called personalty, is something that is either movable or intangible. · ** __ Goods: __ ** goods are mobile and easily moved. · ** __ Intellectual property: __ ** purely intangible—that is, one cannot touch it. · ** __ Copyright: __ ** protects the expression of a creative work, sucha s the work of an author, artist, or composer. · ** __ Infringement: __ ** unauthorized copying, sales, display, or performance of the work. · ** __ Fair use: __ ** the very limited use of copyrighted works by critics, researchers, news reporters, and educators. · ** __ Trademark: __ ** a word, mark, symbol, or device that identifies a product of a particular manufacturer or merchant. · ** __ Servicemark: __ ** a unique word, mark, or symbol that identifies a service as opposed to a product. · ** __ Patent: __ ** the grant of the exclusice right to make, use, and sell a novel or new, nonobvious, useful product or process. · ** __ Trade Secret: __ ** commercially valuable information that the owner attempts to keep secret. · ** __ Donor: __ ** must do two things: (1) manifest an intent to transfer ownership and (2) deliver the property. · ** __ Delivery: __ ** a shift of physical possession of the property to the new owner the done. · ** __ Donee: __ ** person receiving the gift. · ** __ Accession: __ ** the right of an owner of property to an increase in that property. · ** __ Lost property: __ ** created when the owner unknowingly leaves the property, somewhere or accidentally drops it. · ** __ Mislaid property: __ ** I intentionally place somewhere but the forgotten. · ** __ Occupancy: __ ** acquiring title by taking possession of personal property that belongs to no one else. · ** __ Ownership in severalty: __ ** exsist when someone owns property by themselves. · ** __ Co-ownership: __ ** exsist when two or more persons have ownership rights in the same property. · ** __ Equal rights of possession: __ ** means that no co-owner from any physical portion of the property. · ** __ Right of partition: __ ** allows any co-owner to require the division of the property among the co-owners. · ** __ Joint tenancy: __ ** the equal co-ownership of the same property with the right of survivorship. · ** __ Right of survivorship: __ ** that if one of the joint owners dies, the deceased owner’s interest is divided equally among the remaining joint tenants. · ** __ Tenancy in common: __ ** the shares may be unequal and there is no right of survivorship. · ** __ Tenancy by the entireties: __ ** a form of co-ownership between husband and wife. · ** __ Community property: __ ** each spouse owns a one-half interest in such property. · ** __ Separate property: __ ** Property owned by either spouse at the time of marriage or received as a gift or inheritance