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BUS Ch 14

Law for Business Chapter 14

TermDefinition
Property Anything that may be owned
Personal property Movable property; interests less than complete ownership in land or rights to money
Two classes of personal property 1. Tangible 2. Intangible
Tangible personal property Personal property that can be seen, touched, and possessed
Intangible personal property Evidences of ownership of rights or value
Methods of acquiring personal property Purchase, possession, will, descent, gift, accession, confusion, and creation
Purchase Ownership by payment
Intestate A person dies without leaving a will
Gift Transfer without consideration
Donor Person who makes a gift
Donee Person who receives a gift
Accession Adding property of another
Confusion Inseparable mixing of goods of different owners
Creation Bringing property into being
Intellectual property Property produced by human innovation and creativity
Patents Absolute title to invention for fourteen or twenty years
Copyrights Exclusive rights given to author of songs, books, and compositions
Trademarks Word, symbol, or device, or combination of them used to identify and distinguish the source of goods
Trade secrets a. Information b. With economic value c. Not generally known d. The subject of efforts to keep them secret
Abandon Discard with no intention to reclaim
Created by: JuliRae
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