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unit 5 vocab
Term | Definition |
---|---|
1. Real Property | Land and anything permanently attached to it |
2. Personal Property | Anything that can be owned other than real estate |
3. Tangible Personal Property | Something that has substance and can be touched, such as CD players, vehicles and food |
4. Intangible Personal Property | Property that has no substance and cannot be touch, such as money that is owed |
5. Donor | Person who gives a gift |
6. Donee | Person that receives the gift |
7. Abandoned Property | Property that has been discarded by the owner without the intent to reclaim ownership |
8. Intellectual Property | An original work that is fix in a tangible medium of expression |
9. Patent | Gives an investor the exclusive rights to make, use, or sell an invention for 17 years |
10. Copyright | Rights granted to an author, composer, photographer, or artist to exclusively publish and sell an artistic or literary work |
11. Fair Use Doctrine | The right to use copyrighted material without permission in curtain cases the amount and use of the material must be reasonable and not harmful to the copyright owner |
12. Trademark | Distinctive symbol, mark, or slogan used by a business to identify and distinguish its goods from products sold by others |
13. Bailment | The transfer of possession and control of personal property |
14. Bailor | The person who transfers property |
15. Bailee | One who holds the personal property of another for a specific purpose |
16. Mutuum | - Occurs when goods are loaned with the understanding that they will be used and replaced with identical goods at a later date |
17. Gratuitous Bailments | Property is transferred to another person without either party giving or asking for payment |
18. Gross Negligence | Very great negligence |
19. Slight Negligence | Failure to use the care that persons of extraordinary prudence and foresight use |
20. Reasonable Care | The degree of care that a responsible prudent person would have use under the same circumstances and conditions |
21. Ordinary Negligence | Failure to use the care that a responsible person would use under the same circumstances |
22. Tortuous Bailee | Person who wrongfully keeps the lost property of another or who knowingly |
23. Carrier | A Transportation Company |
24. Common Carrier | Carriers that is compensated for providing transportation to the general public |