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Business Law
Chapters 19 & 20 Vocab
| Question | Answer |
|---|---|
| Ownership remains with the manufacturer or wholesaler (the bailor) until the goods are sold. | Consignment |
| the prospective buyer may use the goods to decide whether to buy them. | Sale on Approval |
| Right of a bailee to retain possession of the bailed property until payment is made | Bailee's Lien |
| A sign, label, or warning reducing the bailee’s duty of care. | Disclaimer |
| The bailee must not ignore, waste, or destroy the bailed property. | Minimal Care |
| arise without the consent of the bailee | Involuntary Bailments |
| consideration is given and received by both the bailee and bailor – invokes the duty of ordinary care | Mutual-benefit bailment |
| Actual bailment | bailees receive and accept the goods themselves (example drive off in rental car) |
| Bailee | the party who accepts possession and control. |
| Bailment | the transfer of possession without the transfer of ownership. |
| Bailor | the party who gives up possession of the property. |
| Constructive bailment | when the bailee receives and accepts a symbol of the personal property (example keys to borrow neighbor’s truck). |
| Custody | care and present control of another’s personal property under the owner’s direction |
| Extraordinary bailment | the duty of care is extraordinary |
| Extraordinary care | bailee will be strictly liable for any damage, loss, or injury to the goods. |
| Fungible goods | there is no difference between one unit of the goods and another |
| Gratuitous bailment | when only one of the parties benefits from the bailment |
| Ordinary care | Bailee will not be liable if negligent in some way |
| Tenancy in common | form of co-ownership in which the shares may be unequal and there is no right of survivorship |
| Ownership in severalty | ownership of all property rights by oneself |
| Accession | right of an owner of property to an increase in that property. |
| Patent | government grant of exclusive right to make, use, and sell a product or process which is novel, non-obvious, and useful |
| Occupancy | acquisition of title by taking possession of personal property that belongs to no one else |
| Copyright | protects the expression of a creative work, such as the work of an artist, author, or composer |
| Real property | (also called realty) land, water, and minerals in the earth; airspace above the land; and things permanently attached to the land. |
| Tenancy by entrireties | usual form of co-ownership between husband and wife, carrying equal interest and the right of survivorship |
| Joint tenancy | co-ownership of property with equal interests and the right of survivorship |
| Fair use | limited use of copyrighted works by critics, researchers, news, reporters, and educators |
| Servicemark | word, mark, or symbol that identifies a service as opposed to a product |
| Property | tangible and intangible things and their corresponding legal rights and interests |
| Trademark | unique word, mark, symbol, of device that identifies a product of a particular manufacturer of merchant |
| Infringement | unauthorized copying, sale, display, or performance of a copyrighted work |
| Right of partition | attribute of co-ownership which allows any co-worker to require the division, usually financial, of the property among the co-owners |
| Community property | property owned equally by spouses |
Created by:
Kathy Gase
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