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Business Law

Chapters 19 & 20 Vocab

QuestionAnswer
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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