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Module 5

Property: Personal, Real, and Intellectual

TermDefinition
Eminent Domain 1. taking of land 2. just compensation 3. historically taken for use of utilities
Lost Property 1. Abandoned - finder keepers 2. Lost - Finder must return to owner 3. Mislaid - finder must care for property
Bailment giving of personal property to another with agreement to return it 1. sole benefit of giver 2. sole benefit of receiver 3. mutual benefit
Fee Simple entire bundle of rights
Life Estate own rights to use and possess for lifetime
Easement Grant/License to traverse or allow access
Joint Ownership 1. community property - 1/2 ownership 2. tenancy in common - passes to heirs 3. Joint tenancy - interest passes to another owner upon deathif sold changes to tanancy in common.
Intellectual Property Copyrights; Patents; Trademarks; and Trade Secrets
Copyright the right to control the copies that are made: must be able to perceive it (see/hear it. Could last up to 70 years post-death
Examples of Copyrights literary works; advertisements; magazines; written papers; music; movies; dances; art
Trademark identifying marks; color scheme; or design (trade dress)
Elements of a legal Trademark Must be distinctive; or have a secondary meaning of public recognition.
Trade Secrets Protected under common law; must be info not generally known and have commercial value
Property Anything that may be owned; whether it is intangible or tangible; is property.
Personal Property movable property; interests less than complete ownership in land or rights to money. Typical examples of this would be from something as small as a pen to larger purchases such as a car.
Real Property land and the buildings attached to it; forests and undeveloped land that one can possess.
Created by: heather.bradshaw