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Bus 241 Property
| Term | Definition |
|---|---|
| Three differences between Real and Personal Property | 1. Taxed different 2. Accounting is different 3. Ownership rules are different (ex. Statute of Frauds) |
| Fixtures | 1. Anything cemented/nailed in to house. 2. Level of adaptability to property |
| Exceptions of Fixtures | 1. (commercial setting) installments that you can take with you. |
| Ways to gain rights to property (own property) | 1. Purchase 2. Inherit 3. Leasing/Renting |
| Adverse possession | 1. must be done openly 2. exclusively you 3. continuously over a period of time 4. without permission of owner |
| Eminent Domain | 1. taking of land 2. just compensation 3. historically taken for use of utilities, public use |
| Gifts | 1. intent to give 2. delivery of gift 3. acceptance of the gift |
| Accession (adding value) | 1. Car theft puts rims on stolen car, victim may keep them |
| Confusion (commingling) | 1. Good Faith - easily sortable/seperated among owners. 2. Not Good Faith - owner must prove their share |
| Lost Property | 1. Abandoned - finder keepers 2. Lost - Finder must return to owner 3. Mislaid - finder must care for property |
| Bailment | - giving of personal property to another with agreement to return it 1. sole benefit of giver 2. sole benefit of receiver 3. mutual benefit |
| "Fee Simple" | entire bundle of rights |
| "Life Estate" | own rights to use and possess for lifetime |
| Easement | Grant/License to traverse or access/be on someones property |
| Profit | right to take or use something from/on property |
| Joint Ownership | 1. community property - 1/2 ownership 2. tenancy in common - passes to heirs 3. Joint tenancy - interest passes to another owner upon death, if sold changes to tanancy in common. |
| Intelectual Property | Copyrights, Patents, Trademarks, Trade Secrets |
| Definition of a Copyright | the right to control the copies that are made, must be able to perceive it (see/hear it, last up to 70 years post-death |
| Examples of Copyrights | literary works, advertisements, magazines, written papers, music, movies, dances, art |
| Exceptions to Copyright | Criticism/Satire, research/education |
| Fair Use Test | limitations/exceptions to copyright laws |
| Elements of the Fair use test | Personal (not as bad) vs. Commercial Use(bad), % of work copied, Nature of work, and effect of your use on value by owner |
| Patents | trademark name, last up to 20 years, sole person manufactures and produces product |
| Elements of filing for a patent | needs to be new (novel), needs to be useful, needs not to be obvious |
| Exceptions to patents | laws of nature, natural phenomenas |
| Trademark | identifying marks, color scheme, or design (trade dress) |
| Elements of a legal Trademark | Must be distinctive (Arbitrary, fanciful, or suggestive), or have a secondary meaning of public recognition. |
| Trade Secrets | Protected under common law, must be info not generally known, have commercial value |
Created by:
Rylan26
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