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Module 5
Property: Personal, Real, and Intellectual
Term | Definition |
---|---|
Eminent Domain | 1. taking of land 2. just compensation 3. historically taken for use of utilities |
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 allow access |
Joint Ownership | 1. community property - 1/2 ownership 2. tenancy in common - passes to heirs 3. Joint tenancy - interest passes to another owner upon deathif sold changes to tanancy in common. |
Intellectual Property | Copyrights; Patents; Trademarks; and Trade Secrets |
Copyright | the right to control the copies that are made: must be able to perceive it (see/hear it. Could last up to 70 years post-death |
Examples of Copyrights | literary works; advertisements; magazines; written papers; music; movies; dances; art |
Trademark | identifying marks; color scheme; or design (trade dress) |
Elements of a legal Trademark | Must be distinctive; or have a secondary meaning of public recognition. |
Trade Secrets | Protected under common law; must be info not generally known and have commercial value |
Property | Anything that may be owned; whether it is intangible or tangible; is property. |
Personal Property | movable property; interests less than complete ownership in land or rights to money. Typical examples of this would be from something as small as a pen to larger purchases such as a car. |
Real Property | land and the buildings attached to it; forests and undeveloped land that one can possess. |