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unit 5 vocab

TermDefinition
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