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Bus 241 Property

TermDefinition
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