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Test 2 Study Guide 1. Types of Property a. Real vs. Personal i. Real- land and everything permanently attached to it ii. Personal- everything else 2. Fixtures- Personal property so firmly attached to real property that an interest in it arises under real property law a. Factors i. The physical relationship of the item to the land or building ii. The intention of the person who attached the item to the land or building iii. The purpose the item serves in relation to the land and in relation to the person who brought it there iv. The interest of that person in the land or building at the time of the item’s attachment 3. Transfer of Property a. Sale b. Gift- Delivery, Intent, and Acceptance c. Will 4. Bailment- Temporary transfer of personal property by one party to another a. Bailor- Transferor of the bailed property b. Bailee- Recipient of the bailed property c. 4 Elements- Delivery of possession, delivery of personal property, not real property, possession w/o ownership by the bailee, and an absolute duty on the bailee to return the property to the bailor or to dispose of it properly d. Duty of care i. Sole benefit of bailor- Slight care, to warn of defects of which she knew or should have know ii. Sole benefit of bailee- Utmost care, to warn of known defects iii. Mutual benefit- Ordinary care, to wanr of defects of which she knew or should have known e. Duties/Rights i. Due Care ii. Liability to Return Property iii. Limit Liability iv. Compensation 5. Interest of Property a.
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