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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 |
Created by:
kofi-lourence
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