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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 |
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everettc1
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