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Unit 5 Vocab Prop Lw

Unit 5 Vocab

Real Property land and anything permanently attached to it
Personal Property anything that can be owned other than real estate
Tangible Personal Property something that has substance and can be touched, such as CD players, vehicles, and food
Intangible Personal Property property that has no substance and cannot be touched, such as money that is owed
Donor person who gives a gift
Donee person who receives a gift
Abandoned Property property that has been discarded by the owner without the intent to reclaim ownership
Intellectual Property an original work fixed in a tangible medium of expression
Patent gives an inventor the exclusive rights to make, use, or sell an invention for 17years
Copyright right granted to an author, composer, photographer, or artist to exclusively publish and sell an artistic or literary work
Fair Use Doctrine the right to use copyrighted material without the permission in certain cases. The amount and use of the material must be reasonable and not harmful to the copyright owner
Trademark distinctive symbol, mark, or slogan used by a business to identify and distinguish its goods from products sold by others
Bailment the transfer of possession and control of personal property to another with the intent that the same property will be returned later
Bailor the person who transfers property
Bailee one who holds the property of another for a specific purpose
Mutuum occurs when goods are loaned with the understanding that they will be used and replaced with different identical goods at a later date
Gratuitous Bailments property is transferred to another person without either party giving or asking for payment
Gross Negligence very great negligence
Slight Negligence failure to use the care that persons of extraordinary prudence and foresight use
Reasonable Care the degree of care that a reasonably prudent person would have used under the same circumstances and conditions
Ordinary Negligence failing to use the care that a reasonable person would use under the same circumstances
Tortuous Bailee person who wrongfully keeps the lost property of another or who knowingly possesses stolen property
Carrier a transportation company
Common Carrier carrier that is compensated for providing transportation to the general public
Created by: everettc1
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