the Property legal right to exclude others from resources that are originally possessed or are acquired
without force, theft, or fraud
Real land and land fixtures
Personal moveable resources
Methods of Acquiring Property
1. Exchange
2. Possession
a. Rule of First Possession
b. Abandonment
c. Lost Property
d. Adverse Possession obtaining land belonging to another through continuous
possession
i. Open and notorious the general community must be aware of your presence
ii. Actual and exclusive you and you only must be actually living there
iii. Continuous must live on land without moving for any amount of time
iv. Wrongful the owner cannot have consented to letting you live there
v. Last for the prescribed period of time
e. Confusion if two owners similar goods are mixed, the mix will be divided
equitably
f.
Accession if someone unknowingly uses a mans trees to build a house, the wood
comes into possession by the builder because he added value to the wood
g. Gift
i. Donor giver
ii. Donee receiver
iii. Testamentary gift given through a will
Types of Ownership
1. Fee Simple highest form of ownership recognized by law
a. Fee Simple Absolute owner can do anything he wishes with his property
b. Fee Simple Defeasible owner is given guidelines as to the use of his property
2. Life Estate owner owns land for a given persons lifetime
3. Leasehold Estate basic lease ownership, temporarily given use of property under
restrictions
4. Concurrent Ownership Husband/wife owners
Title document serving as evidence of ownership of property
Deed a document of title transferring ownership of land
Warranty Deed seller guarantees he owns the clear title and has the right to sell
Quitclaim Deed sketchy deed that doesnt guarantee clear ownership
Easement the right to cross over someone elses land
Bailment the temporary transfer of the possession of personal property from one person to another
Bailor owner of property
Bailee person with whom the property is left
Security Interest any loan or credit in which property is pledged as security in the event payment is not
made
Attachment the point where the lender can take ownership of securities
Perfection the process by which securities are claimed
Priority the priority of ownership claims by lenders on securities
Uniform Commercial Code (UCC) covers the sale of goods
Limitations on Property
Nuisance a use of property that interferes with the legal rights of others by causing
damage, annoyance, or inconvenience
Zoning local regulation of property usage through the creation of residential,
commercial, and industrial districts
Eminent Domain the power of the government to take private property for public use
after the payment of just compensation to the property owner
Intellectual Property
Trade Secret Valuable commercial info unknown by competitors
o
o
Owner of info must have taken reasonable measures to keep it secret
The info must have economic value dependent on its secrecy from the public
Patent 20 year monopoly for the use of an invention
o
14 years for design patent
o
Must apply to the US Patent and Trademark Office (PTO)
o
Must be a patentable subject matter and non-obvious, novelty, and useful
o
Defenses against patent infringement claims
Invalidity
Non-infringement
Unenforceability
Trademark distinctive design identifying the manufacturer of a product
o
Must use mark in interstate commerce and then register it with the PTO
Service Mark distinctive design identifying the provider of a service
Certification Mark a mark used to certify the quality or compliance of a good or service
Collective Mark a mark used to represent membership in an organization or association
Trade Dress colors, designs, or shapes associated with a certain product or service
Copyright a literary, musical, dramatic or artistic work
o
Must be original, fixed in a tangible medium, and show creativity
Digital Millennium Copyright Act
Trademark Enforcement
Civil owner can sue to stop infringement of mark
o
Defense
Mark is not distinctive
No chance of confusion by the public
Fair use exception allowing copying for criticism, comment, news reporting,
teaching, scholarship, or research
Criminal government enforcement against counterfeit products
Trademark Dilution prevents the use of a similar trademark to dilute the significance or reputation
associated with a more famous trademark
Article 1, Section 8 Congress has the power to promote technology by granting exclusive rights to
authors and inventors
Sources of Contract Law common law and regulations such as the UCC
Express Contract all aspects of a contract have been written down and agreed upon by both parties
Implied Contract not all obligations have been expressed in words
Implied-in-fact both parties act as though a contract exists; you seek out a doctors
service and the doctor provides service without a contract.
Implied-in-law/Quasi-contract obligation of recipient of a service to make just payment
Enforceable Contract an agreement that the court upholds as valid
Unenforceable Contract an agreement which the court will not enforce for being contrary to public
policy
Void an Contract agreement in which one or more essential requirements for validity are absent
Voidable Contract an agreement in which a party has the right to withdraw without any legal liability
Executed Contract an agreement that has been performed by both parties
Executory Contract an agreement in which the parties have not yet performed their agreement
Essentia$l Requirements of a Valid Contract
1. Offer a special promise and demand
a. Termination can result
i. By provision in the offer
ii. By revocation the party making the offer revokes the offer
iii. By rejection or counteroffer
iv. By lapse of a reasonable period of time
v. By death/insanity of the party making the offer
vi. By destruction of subject matter
vii. For illegality
2. Acceptance entering into a contract by agreeing to an offer
a. Mirror Image Rule any and all modifications to an offer, no matter how slight, are
considered a counteroffer and thus a rejection of the original offer
b. Mailbox Rule an offer/offer termination is official once it is received; acceptance is
official once it is placed in the mailbox.
3. Consideration something of value given by both parties to a contract that induces each
of them to enter into the agreement
a. Accord and Satisfaction mutual agreement to settle debt at less than amount owed
b. Promissory Estoppel when a party changes its position substantially in reliance
upon anothers promise
4. Capacity a persons ability to be bound by contract
a. Does not include:
i. Minors
ii. Mentally Impaired
iii. Intoxicated
5. Lawful Purpose
Reasons for Voiding a Contract
Fraud knowingly giving false information
Misrepresentation unknowingly giving false information
Duress unlawful coercion
Undue influence party is heavily influenced to make contract; parent/child relationship
Mutual Mistake seller sells wrong thing to a customer
Third Party Beneficiary a third party not involved in the contract is benefited by the contract
Intended Beneficiary contracting parties intend for the third party to benefit; in this case
third party can sue if there is a breach of contract
Incidental Beneficiary contracting parties unintentionally benefit third party through
contract; no standing to sue
Assignment of Contract transfer of rights under contract from one party to a nonparty (like a sublease)
Assignor original contracting party who assigns its rights or duties
Assignee nonparty who gains rights or duties
Novation an agreement that extinguishes the rights and obligations in effect under the old agreement;
like a transfer of ownership from someone to their sub-letter.
Remedies given a breach of contract
Compensatory damages payments made to compensate party for damages incurred
o
Nominal damages small amount awarded to show technical rather than actual loss
o
Liquidated damages amount designated in the contract to be paid upon breach
Specific performance court orders party to perform their part of the contract
Rescission sends back both parties to pre-contract form.
Statute of Frauds states that the following types of contracts must be written and signed
Contracts involving land
Contracts to pay the debt of another
Contracts that cannot be performed within one year from the date of the agreement
Contracts for the sale of goods of $500 or more
Parole Evidence Rule evidence contradicting something in the contract is inadmissible
Criminal Law government punishment of wrongs committed against society
United States v. Thomas if you think you are doing a crime, you can be convicted of it
even if it is not actually possible for you to be doing it
State of Georgia v. Johnson items can be seized without warrant but must be returned
after a set time if the items are not evidence of a crime
White Collar Crime a crime in a business or professional setting committed to achieve a personal or
business advantage: money, property, or services
To be convicted must have:
Criminal intent knowingly or willfully committing a crime
Performed a criminal act
Felony punishable by a year or more in prison
Misdemeanor punishable by less than a year in prison
Arraignment the accused answers the charge(s) made against him before the court
Guilty
Not Guilty
No Contest
Associated Crimes
Conspiracy willful member of a group agreement to break the law where one member
of the group commits and overt act in keeping with the agreed upon plan
Aiding and abetting knowingly aiding someone in the process of committing an illegal
act without prior knowledge of any plan to commit said act
Business Crimes
Criminal Fraud must include false statement, material fact, & intent to defraud
Obstruction of Justice
False Statement to a Federal Agency
False Statement to a Bank
Larceny
Racketeer Influenced and Corrupt Organizations Act
Cyber crime
Endangered workers
4th Amendment Illegal Search and Seizure; police must obtain a warrant based on probable cause
5th Amendment Self-incrimination and Double Jeopardy
6th Amendment right to:
Speedy and public trial
Trial by jury
Be informed of the charge against you
Confront your accuser
Subpoena witnesses in your favor
Counsel